Should you itemize or take a standard deduction on your tax return? Here's what to know
NEW YORK (AP) — When tackling your taxes, it can sometimes be hard to figure out whether to opt for a standard deduction or itemize.
According to tax pros, itemizing generally only makes sense if your itemized deductions, taken together, add up to more than the current standard deduction of $13,850 for a single filer and $27,700 for a married couple.
Here’s what you should know:
Standard deduction versus itemizing
For the vast majority of tax filers, the standard deduction is the way to go.
“Generally, taxpayers whose total itemized deductions are less than the standard deduction (based on their filing status) will benefit from taking the standard deduction. However, if the taxpayer’s total itemized deductions are greater than their standard deduction, they must itemize,” says Kathy Pickering, chief tax officer at H&R Block.
There are a few exceptions, though, and some things to consider itemizing that people sometimes forget.