Itemized Deductions

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.