Tax Tips

Itemizing vs. Standard Deduction

 

  • Would I be better off if I itemized? 

Deciding whether to itemize depends on how much you spent on certain expenses last year.  If amount spend on qualifying expenses exceeds the standard deduction, you can usually benefit by itemizing.  Qualifying Expenses include:

  • Medical Care                          
  • Mortgage Interest
  • Taxes
  • Charitable Contributions
  • Casualty Losses
  • Miscellaneous Deductions

 

 

Your Standard Deduction is based on your filing status and is subject to inflation adjustments each year.  For 2016, the amounts are:

  • Single  $6,300
  • Married Filing Jointly  $12,600
  • Head of Household  $9,300
  • Married Filing Separately  $6,300
  • Qualifying Widow(er)  $12,600