There are also “above-the-line” deductions, which you can claim regardless of whether you take the Standard Deduction or itemize. They get their name because you report them on your tax return right above the line showing youradjusted gross income(AGI). Above-the-line dedu...
If you have large expenses like mortgage interest and medical costs or made charitable deductions this year, you may be able to itemize instead of claiming the standard deduction. Itemized deductions allow you to account for each expense, potentially res
As mentioned earlier, some itemized deductions come with a few hurdles. If you have medical expenses, for example, you can only deduct the portion that exceeds 7.5% of your adjusted gross income. You might have to spend more time on your tax return. If you itemize, you’ll need to set...
Only taxpayers who itemize can claim state and local tax deductions, so your first step is to decide whether to take thestandard deduction or to itemize deductions. If your total itemized deductions are less than the standard deduction, then you would claim the standard deduction rather than ite...
When it comes to tax deductions, property taxes can often be a point of confusion. The key question is: Can you deduct property taxes if you don't itemize? The short answer is no. To claim property taxes as a deduction, you need to itemize your deductions on your tax return. This mea...
Can you Deduct Charitable Contributions if you Don’t Itemize your Taxes? In order to deduct a charitable contribution, you mustitemize your taxes. With increasedstandard deductions, very few American taxpayers will itemize their taxes, and opt for the standard deduction instead. If you take the ...
To list deductions from taxable income on a tax return This benefit is available only to taxpayers who itemize. Itemized Simple past tense and past participle of itemize Common Curiosities When should I use itemised over itemized? Use 'itemised' when writing for a British English audience and '...
Note that if you are married and filing jointly, one of you can't take the standard deduction while the other itemizes. You have to both use the same method. In addition, some deductions that you might have taken in the past are no longer allowed. These include: tuition and fees, un...
Filing Status2024 Standard Deduction2025 Standard Deduction Single $14,600 $15,000 Married Filing Joint $29,200 $30,000 Head of Household $21,900 $22,500 If your itemized deductions exceed the standard deduction for your filing status, you can itemize them on Schedule A. The total will be...
Standard Deductions for 2024 and 2025 Filing Status2024 Standard Deduction2025 Standard Deduction Single$14,600$15,000 Married Filing Separately$14,600$15,000 Head of Household$21,900$22,500 Married Filing Jointly$29,200$30,000 What Can I Itemize?