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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April 2020
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