Daily Archives February 18, 2016

Standard or Itemized Deductions?

If you are wondering if you should use the standard deduction or itemize, here are some tips that will help you. Standard Deductions for 2015 are as follows: Single $6,300 Married Filing Jointly $12,600 Head of Household $9,250 Married Filing Separately $6,300 Qualifying Widow(er) $12,600 To see if itemizing your deductions is more beneficial than the standard deduction, simply add up your deductible expenses including: Home mortgage interest Real estate and personal property taxes Gifts to charities including non cash donations mileage for volunteer work Casualty or theft losses Sales taxes — if you made a major purchase such as
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