I want to itemize my deductions. Can I?

Most people spend money on things like charitable contributions, medical expenses, work uniforms, etc.  Often, they think they are able to itemize these expenses if they have kept their receipts.  That would be correct, for some.  However, the IRS allows for what is known as a standard deduction.  These amounts change every year, but for 2015 they are: $6,300 for single filers, $12,600 for married filers (filing jointly; if filing separately, you would use the single rate), $9,250 for Head of Household (check with your tax professional before filing using this status!), and $12,600 for qualifying widow(er).  So, if your itemized deductions do not total more than the standard deduction, then you should not itemize.  If they are more, you should consult with your tax professional to determine what is acceptable and what is not.

Leave a comment

Your email address will not be published. Required fields are marked *