COMPARE BEFORE DECIDING ON THE STANDARD DEDUCTION

BY ANNA & MICHELLE

The TCJA of 2019 dramatically increased the standard deduction so that many homeowners benefit from taking that rather than itemizing their deductions.Taking the standard deduction may result in a larger deduction even if you have no expenses that qualify for claiming itemized deductions.

Another thing reinforcing taking the standard deduction was low rates at the time and the interest plus property taxes were less than the standard deduction.

In 2022, mortgage rates more than doubled, so anyone who purchased a home or refinanced at the higher rates might benefit from itemizing rather than taking the standard deduction. The takeaway in this article is to compare both methods each year to see which way provides the larger deduction.

For 2022, the standard deduction for mar ried couples filing jointly is $25,900, for single filers and married individuals filing separate ly is $12,950, and for heads of households is $19,400. T here are increased amounts for seniors over 65. ambulance. There I sat, on my front porch, in pain, and probably not very coherent. They asked how I was and I muttered out something about I thought I was having a heart attack, but that I was confused because I didn’t think I would be able to even walk during a heart attack. I explained that my symptoms were not those that you usually hear about associated with a heart attack.

Mortgage interest, points paid to purchase a home (paid by seller or buyer), and property taxes are deductible on Schedule A. Other items allowed as deductions are charitable contributions, medical expenses in excess of 7.5% of taxpayers’ adjusted gross income, and casualty and theft losses from a federally declared disaster.

In 2019, IRS reported that 89.5% of people took the standard deduction, which is easier to file, doesn’t require receipts, and may yield a higher deduction than itemizing, but the only way to be sure is to compare both ways.

For more information, download Publication 529 or contact your tax professional. D ownload our Homeowners Tax Guide for more information on homeowner taxes.

El éxito de esta exposición destaca el papel fundamental que desempeña el arte en la promoción de la comunidad y el refuerzo de nuestra humanidad compartida. Sirve como un recordatorio de la importancia del apoyo continuo y la promoción de las artes en nuestras comunidades.

The dogs barked lightly from the safety of their crates, just to let the intruder know they were there, but there was no threat to anyone. They were safe and the police, Fire and Rescue and EMS were safe. I WAS SAFE and on my way through a journey I never expected, BUT for which I had thought through previously and TRAINED my dogs for such an event.

When someone tells me they don’t want to crate train