Generally, if your standard deduction is greater than the sum of the itemized deductions for which you qualify, then you just take the standard deduction instead. The size of your standard deduction depends on a few factors: your age, your income and your filing status.
The standard deduction is tied to inflation, so the amounts change a bit each year. Individuals who are at least partially blind or at least 65 years old get a larger standard deduction. Is someone else claiming you as a dependent? If you live in a state that requires you to pay income taxes, there may be a state-based standard deduction that you can claim on your state tax return. There is an IRS tool that you can use to calculate your own standard deduction.
How are pass-through businesses taxed? Is corporate income double-taxed? Tax Incentives for Economic Development What is the new markets tax credit, and how does it work? What are Opportunity Zones and how do they work? Taxes and Multinational Corporations How does the current system of international taxation work? What are the consequences of the new US international tax system? How does the tax system affect US competitiveness?
How would formulary apportionment work? What are inversions, and how will TCJA affect them? What is a territorial tax and does the United States have one now? What is the TCJA repatriation tax and how does it work? What is the TCJA base erosion and anti-abuse tax and how does it work? What is global intangible low-taxed income and how is it taxed under the TCJA? What is foreign-derived intangible income and how is it taxed under the TCJA?
Comprehensive Tax Reform What is comprehensive tax reform? What are the major options for comprehensive tax reform? Broad-Based Income Tax What is a broad-based income tax? What would and would not be taxed under a broad-based income tax? What would the tax rate be under a broad-based income tax? National Retail Sales Tax What is a national retail sales tax? What would and would not be taxed under a national retail sales tax? What would the tax rate be under a national retail sales tax?
What is the difference between a tax-exclusive and tax-inclusive sales tax rate? Who bears the burden of a national retail sales tax? Would tax evasion and avoidance be a significant problem for a national retail sales tax?
What would be the effect of a national retail sales tax on economic growth? What transition rules would be needed for a national retail sales tax? Would a national retail sales tax simplify the tax code? What can state and local sales taxes tell us about a national retail sales tax?
What is the experience of other countries with national retail sales taxes? How would a VAT be collected? What would and would not be taxed under a VAT? What would the tax rate be under a VAT? What is the difference between zero rating and exempting a good in the VAT? Who would bear the burden of a VAT? Is the VAT a money machine? How would small businesses be treated under a VAT?
What is the Canadian experience with a VAT? Why is the VAT administratively superior to a retail sales tax? What is the history of the VAT? How are different consumption taxes related?
Other Comprehensive Tax Reforms What is the flat tax? What is the X-tax? What are the benefits of return-free filing? What are the drawbacks of return-free filing? How would the tax system need to change with return-free filing? Who would qualify for return-free filing? Would return-free filing raise taxes? What was the experience with return-free filing in California? What other countries use return-free filing?
What are the sources of revenue for local governments? Specific State and Local Taxes How do state and local individual income taxes work? How do state and local sales taxes work? How do state and local property taxes work? How do state and local corporate income taxes work? How do state estate and inheritance taxes work? Itemizing your tax deductions makes sense if you:.
This can happen if you itemize on your federal and state returns and get a larger tax benefit than you would if you claimed the standard deduction on your federal and state returns. Have additional questions about whether to claim itemized vs. Our tax pros speak the tricky language of taxes and are committed to helping you better understand your taxes. Make an appointment with one of our tax pros today.
Do you qualify for tax credits if you attended cosmetology school? Do you earn income in New York? If so, you will owe New York income taxes. We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Tax Preparation. Getting Help. Tax Strategy.
Tax Credits and Deductions. Retirement and Your Taxes. Tax Filing. Tax Refunds. Tax Security. What Is the Standard Deduction? Key Takeaways The standard deduction is the portion of income not subject to tax that can be used to reduce your tax bill.
You can choose between a standard deduction and itemized deductions. The amount of your standard deduction is based on your filing status, age, and other criteria. Article Sources.
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