Federal Tax, Tax

The Decision to Claim Standard or Itemized Deductions

As you consider 2023 tax planning, should you claim the standard deduction or itemize deductions? This year, the standard deduction is $27,700 for married joint filers, $20,800 for head of household filers and $13,850 for single filers. Not everyone can use the standard deduction, including married couples who file separately, business owners filing for a short-tax year and most nonresident or dual-status aliens. Others can use the standard deduction but will benefit by itemizing. Examples include those who pay mortgage interest and related costs, make significant qualified charitable donations and pay state or local taxes. We’ll help with this decision when we prepare your tax return.  Contact us for more information. © 2023