Itemized Deductions – The Seven Categories

Standard Deduction vs. Itemized Deduction 

There is often confusion during tax time when talking about how or when to take itemized deductions. The standard deduction is applicable only if it exceeds a taxpayer’s allowable itemized deductions. The basic standard deduction depends on your filing status and is adjusted for inflation. For 2014, the standard deductions are:

  • $12,400 married filing joint
  • $6,200 single
  • $9,100 head of household
  • $6,200 married filing separately

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