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Should You Itemize? Tax Deduction Wisdom from TurboTax

TurboTax Staff

Tax season pressure may tempt you to accept the standard tax deduction, rather than exploring the potential benefit of itemizing your deductions. The standard deduction is always easier, but for one out of every four taxpayers, itemizing pays off with a lower tax bill. To figure out whether itemizing is the best option for you, you need to determine whether the allowable expenses you paid during the year—for things like home mortgage interest and property taxes, state income or sales taxes, medical expenses, charitable donations, etc.—exceed the standard deduction for your filing status. This TurboTax tax deduction overview can help you determine whether you should take the no-questions-asked standard deduction or if itemizing your deductions makes more sense. Learn more