Itemize Deductions or Take the Standard Deduction?

by | Nov 14, 2018 | Top Accounting Tutorials | 0 comments

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Itemize Deductions or Take the Standard Deduction?

If the total amount of your itemized deductions is not greater than the standard deduction amount for your filing status, then you should take the standard deduction instead. Otherwise, claim itemized deductions on your tax return.

If the total amount of your itemized deductions is not greater than the standard deduction amount for your filing status, then you should take the standard deduction instead. Otherwise, claim itemized deductions on your tax return.

Itemized deductions are certain expenses you need to report on Schedule A. These include:

Itemized deductions are certain expenses you need to report on Schedule A. These include:

You should itemize if the total amount of your itemized deductions is more than your standard deduction amount.

You should itemize if the total amount of your itemized deductions is more than your standard deduction amount.

Here are the itemized deduction phaseout amounts (or limitations) for the following Tax Years: 

Here are the itemized deduction phaseout amounts (or limitations) for the following Tax Years: 

Enter itemized deduction information on Schedule A. Tax deductions can be complicated, so we will automatically generate this schedule if you qualify for it based on your answers to a couple of easy tax questions. Based on your answers, we will calculate whether the standard deduction would be worth more to you than itemizing deductions. Then, you can choose to automatically select the most valuable deduction option for you or have efile.com pick the standard or itemized deduction for you.

Enter itemized deduction information on Schedule A. Tax deductions can be complicated, so we will automatically generate this schedule if you qualify for it based on your answers to a couple of easy tax questions. Based on your answers, we will calculate whether the standard deduction would be worth more to you than itemizing deductions. Then, you can choose to automatically select the most valuable deduction option for you or have efile.com pick the standard or itemized deduction for you.

If you want more information on whether to claim itemized deductions or the standard deduction, read on. 

If you want more information on whether to claim itemized deductions or the standard deduction, read on. 

The standard deduction is a dollar amount that reduces the amount of your taxable income. The standard deduction amounts for any given Tax Year are based on filing status. See the current standard deduction dollar amounts.

The standard deduction is a dollar amount that reduces the amount of your taxable income. The standard deduction amounts for any given Tax Year are based on filing status. See the current standard deduction dollar amounts.

You cannot claim the standard deduction if any of the following situations apply to you: 

You cannot claim the standard deduction if any of the following situations apply to you: 

Your standard deduction may be limited if you are claimed as a dependent on someone else’s tax return. 

Your standard deduction may be limited if you are claimed as a dependent on someone else’s tax return. 

There are additional standard deduction amounts based on the following factors:

There are additional standard deduction amounts based on the following factors:

If you are still not sure which tax deduction to use on your tax return, we at efile.com can make this easier for you. When you prepare your tax return on efile.com, we will select itemized deductions or the standard deduction based on your answers to couple of simple tax questions, then calculate the deduction amount for you. However, if you want more information on whether to claim itemized deductions or the standard deduction. 

If you are still not sure which tax deduction to use on your tax return, we at efile.com can make this easier for you. When you prepare your tax return on efile.com, we will select itemized deductions or the standard deduction based on your answers to couple of simple tax questions, then calculate the deduction amount for you. However, if you want more information on whether to claim itemized deductions or the standard deduction. 

Check out more tax deductions you may qualify to claim on your tax return.

Check out more tax deductions you may qualify to claim on your tax return.

Research & References of Itemize Deductions or Take the Standard Deduction?|A&C Accounting And Tax Services
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Itemize Deductions or Take the Standard Deduction?
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