Do You Itemize or Take the Standard Deduction

When it comes to your personal income taxes, there are two ways you can lower your tax bill; either by taking the standard deduction or by itemizing your deductions. When doing your taxes, you have to decide whether you want to take the standard deduction or itemize your deductions.

The standard deduction is a set amount of money that the government lets you subtract from your income, so you pay less in taxes. But if you have certain expenses, like state and local taxes, mortgage interest, charitable donations, or even medical expenses. You can list them out separately, and that could provide you with an even bigger break on your taxes. This is referred to as itemizing your deductions.

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Do you have questions about Do You Itemize or Take the Standard Deduction? I’m an Illinois-licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.

Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

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