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Itemized vs.Standard Deductions - BookkeeperLive

When filing taxes, you get to choose between a standard deduction or itemized deductions. The standard deduction is a set dollar amount based on your filing status. Itemized deductions, on the other hand, let you subtract specific expenses from your income, like mortgage interest or charitable donations. You should itemize if the total of your itemized deductions is greater than the standard deduction. This takes more effort, but can save you more money on taxes.

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Itemized vs.Standard Deductions - BookkeeperLive

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  1. ITEMIZED VS. STANDARD DEDUCTIONS

  2. Itemized Deductions standard Deductions Allow you to deduct certain allowable expenses from your income, lowering your taxable amount. A fixed dollar amount set by the IRS that reduces your taxable income.

  3. Itemized Deductions standard Deductions Requires keeping records of your expenses throughout the year. Easy to claim - no need to track specific expenses.

  4. Itemized Deductions standard Deductions More work but can be beneficial if your total itemized deductions exceed the standard deduction. May not be the best option if you have significant deductible expenses

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