You may be able to lower your tax bill by itemizing when you file your 2017 tax return. It’s a good idea to know both numbers before deciding on a deduction method.

Itemized Deductions Include:

• Home mortgage interest
• State and local income taxes or sales taxes – but not both
• Real estate and personal property taxes
• Gifts to charities
• Casualty or theft losses
• Unreimbursed medical and employee business expenses above certain amounts

Standard Deduction Amounts:

•  Single — $6,350
• Married Filing Jointly — $12,700
• Head of Household — $9,350
• Married Filing Separately — $6,350
• Qualifying Widow(er) — $12,700

*If a taxpayer is 65 or older, or blind, the standard deduction is more, but may be limited if another person claims that taxpayer as a dependent.

*There are some situations where the law doesn’t allow people to claim the standard deduction. This rule applies to married taxpayers who file separate returns, and either spouse itemizes. In this case, the standard deduction is zero and they should itemize any deductions.

You can read the full IRS Tax Tip here.