Tax Deductions and Credits TurboTax AnswerXchange Question of the Month: Standard vs. Itemized Deductions? 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 26, 2014 - [Updated Sep 8, 2017] 1 min read We’re kicking off a brand new series on the blog that is all about you. Or, more specifically, all about your tax questions. Each month, visit the TurboTax Blog to learn about a different trending question from the TurboTax AnswerXchange, our online tax community that provides personal answers to taxpayer questions. This month’s trending question: Tax Deductions 101. Read below to learn the difference between standard vs. itemized deductions. Q: What are the differences between standard deductions and itemized deductions? A: This is a question that comes up year after year, and the answer is surprisingly simple! A standard deduction is the dollar amount that you can deduct from your income, based on your filing status, whether you are 65 or older or blind, and whether an exemption can be claimed for you by another taxpayer. The IRS determines the amount, and you can see the standard deductions for 2014 here. Alternatively, itemized deductions allow you to deduct certain expenses from your income such as mortgage interest, donations, medical expenses etc. So how do you choose between the two? When all of your itemized deductions exceed the standard deduction, the amount of your income being taxed can be reduced by your itemized deductions, increasing your tax refund (or further lowering the taxes you owe). Lucky for you, TurboTax leads you step by step, through all of the tax deductions that you may be eligible for and chooses the type of tax deduction that benefits you most, guaranteeing your maximum tax refund. Discover answers to more trending tax questions or submit your own to the TurboTax AnswerXchange, and get personal answers from TurboTax support experts and customers like you. Previous Post End of Year Tax Tips to Maximize Your Tax Refund Next Post End of Year Charitable Giving Tips This Giving Tuesday 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. 2 responses to “TurboTax AnswerXchange Question of the Month: Standard vs. Itemized Deductions?” My husband is a DOT employee, will we be able to take employee deductions like per deim, like we have in past years? Reply can I add my 21 year old earned income of $570 its seasonal on my 2014 tax return Reply Leave a ReplyCancel reply Browse Related Articles Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains Uncategorized TurboTax is Partnering with Saweetie to Elevate Hoop Dr… Business Small Business Owners: Optimize Your Taxes with a Mid-Y… Small Business The Benefits of Employing Your Children and the Tax Bre… Income and Investments Are Olympics Winnings Taxed?
My husband is a DOT employee, will we be able to take employee deductions like per deim, like we have in past years? Reply