SHOULD YOU ITEMIZE YOUR DEDUCTIONS?

If the total amount of your allowable itemized deductions is greater than your standard deduction, you should itemize deductions on Schedule A of Form 1040 – Individual Tax Return.

Itemized deductions, subject to certain dollar limitations, include amounts you paid, during the taxable year, for state and local income or sales taxes, real property taxes, personal property taxes, mortgage interest, disaster losses, gifts to charities, and part of the amount you paid for medical and dental expenses. As an individual, your deduction of state and local income, general sales, and property taxes is limited to a combined total deduction of $10,000 ($5,000 if married filing separately).

Standard Deduction 2023 (Taxes Due April 2024)

The 2023 standard deduction is $13,850 for single filers and those married filing separately, $27,700 for those married filing jointly, and $20,800 for heads of household.

Additional Standard Deduction

People who are 65 or older and those who are considered blind by IRS definition are entitled to an additional standard deduction amount that they may add to their existing base standard deduction. How much extra depends on filing status and which conditions are applicable.

Who Can’t Claim the Standard Deduction?

You cannot take the standard deduction if: 

  • You are considered by the IRS to be a “nonresident alien” or a “dual-status alien” during the tax year.
  • You are married but filing separate tax returns and your spouse itemizes deductions.
  • You file a federal return within a certain time (less than 12 months) period due to a change in accounting.
  • You are filing as an estate, trust, or partnership.

Be sure to consult with your tax professional to analyze your specific tax situation. At Taxperts, we can assess your small business structure and suggest ways to increase your savings. Check out our website, Facebook page, or LinkedIn page to learn more.

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