We are often asked whether or not the taxpayer qualifies for itemized deductions. The basic standard deductions are the following:
- Single $6,300
- Married Filing Jointly $12,600
- Head of Household $9,250
- Married Filing Separately $6,300
- Qualifying Widow(er) $12,600
Your itemized deductions would generally take into account the following:
- Home mortgage interest
- State and local income taxes or sales taxes
- Real estate and personal property taxes
- Gifts to charities
- Unreimbursed medical expenses
- Unreimbursed employee business expenses
Generally if the above categories puts you in a position where you itemized deductions are larger than the standard deduction, it is important to itemize. Please call us at 815.842.1112 with any questions.
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