Tax Deductions and Credits Standard vs Itemized Deduction Calculator Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxLisa Published Nov 17, 2022 - [Updated Nov 18, 2022] 1 min read We’ll do your taxesand find every dollaryou deserve When your Full Service expert does your taxes,they’ll only sign and file when they know it’s 100% correctand you’re getting the best outcome possible, guaranteed. Get started now On December 22, 2017 the biggest piece of tax legislation in about three decades was passed. One of the biggest changes to the law nearly doubled the standard deduction and eliminated or limited a number of common itemized deductions many people took in past years. TurboTax estimated and the IRS confirmed nearly 90% of taxpayers now take the higher standard deduction, up from about 70% in previous years. You may have itemized your tax deductions in the past if you are, for instance, a homeowner. But, now you may benefit from taking the standard deduction, if the new standard deduction amount for your filing status is more than your itemized tax deductions. Check out our Standard vs Itemized Tax Deduction Interactive. In just five quick screens you’ll understand the changes in the standard deduction and itemized deductions, you’ll get an estimate of your deductions based on inputs, it tells you if you may claim standard vs itemized, and makes recommendations for end of year tax moves you can make to increase your itemized deductions. Don’t worry about knowing how to figure out whether you can claim the standard deduction or itemized deductions. You can come to TurboTax and fully hand off your taxes to a TurboTax Live tax expert with an average 12 years experience available in English and Spanish. *Note, the Standard versus Itemized Interactive Calculator is for estimation purposes only and does not include all deductions. We’ll do your taxesand find every dollaryou deserve When your Full Service expert does your taxes,they’ll only sign and file when they know it’s 100% correctand you’re getting the best outcome possible, guaranteed. Get started now Previous Post Holiday Donations and Tax Savings Next Post Charitable Giving and Your Taxes Written by Lisa Greene-Lewis Lisa has over 20 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. She has held positions as a public auditor, controller, and operations manager. Lisa has appeared on the Steve Harvey Show, the Ellen Show, and major news broadcast to break down tax laws and help taxpayers understand what tax laws mean to them. For Lisa, getting timely and accurate information out to taxpayers to help them keep more of their money is paramount. More from Lisa Greene-Lewis Follow Lisa Greene-Lewis on Twitter. Comments are closed. Browse Related Articles Uncategorized Does Tax Reform Impact How I Claim Standard vs. Itemize… Tax Deductions and Credits Apples and Oranges? Standard Deductions vs. Itemized D… Tax Deductions and Credits What’s the Difference Between a Tax Credit and a … Tax Deductions and Credits TurboTax AnswerXchange Question of the Month: Standard… Tax Deductions and Credits What is the Standard Tax Deduction? Deductions and Credits What Are Tax Deductions? Tax Deductions and Credits Don’t Miss These Commonly Missed Tax Deductions a… Tax Deductions and Credits Treat Your Single Self With These Tax Benefits Home I Bought a Home Last Year. Do I Get a Tax Deduction?
