Itemized Deduction vs. Standard Deduction

You can either file with a standard or itemized deduction when submitting your tax return. Taxpayers will select the higher of the other deduction.

The standard deduction is a fixed sum taxpayers can deduct from their income before the calculation of income tax. Your filing status determines the standard deduction, which is increased for inflation each year.

For instance, the filing statuses and corresponding standard deductions for the 2024 tax year are as follows:

• Single – $14,600
• Head of Household – $21,900
• Married filing jointly – $29,200
• Married filing separately—$14,600

The itemized deduction sum is the sum of all the taxable year reported expenses. You may claim the itemized sum once it surpasses the specified standard deduction.

The following can be claimed as itemized deductions:

• gifts, cash, or property you gave to a qualified charity
• dentistry and medical costs
• local and state taxes
• points of interest and home mortgage
• loss from a nationally proclaimed disaster via theft and casualty
• Nol’s
• Spousal support

For further details, please click here.

This entry was posted on Thursday, April 3rd, 2025 at 10:24 pm and is filed under Deductions, Tax Related Questions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.