What to do when filing your tax return.
Most taxpayers claim the standard deduction when they file their federal tax return.
However, some filers may be able to lower their tax bill by itemizing when they file their 2017 tax return. Before choosing to take the standard deduction or itemize, it’s a good idea to figure deductions using both methods and choose the method with the most benefit. The IRS offers the following tips to help taxpayers decide:
Figure Itemized Deductions. Taxpayers who itemize basically add up the year’s deductible expenses to arrive at their total deduction.
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
Know the Standard Deduction.
For taxpayers who don’t itemize, the standard deduction for 2017 depends on their filing status:
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.
Check the Exceptions.
There are some rejections where the law doesn’t allow people to claim the standard deduction.
his 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.
Use IRS.gov Tool. Use the Interactive Tax Assistant on IRS.gov. There are several tools that can help people determine whether to itemize or take the standard deduction.
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