Itemize or Use the Standard Deduction

Deciding Whether to Itemize or Use the Standard Deduction

Figure Your Itemized Deductions. Add up deductible expenses you paid during the year. These may include expenses such as:

•Home mortgage interest

•State and local income taxes or sales taxes (but not both)

•Real estate and personal property taxes

•Gifts to charities

•Casualty or theft losses

•Unreimbursed medical expenses

•Unreimbursed employee business expenses

Know Your Standard Deduction. If you don’t itemize, your basic standard deduction for 2015 depends on your filing status:

•Single $6,300

•Married Filing Jointly $12,600

•Head of Household $9,250

•Married Filing Separately $6,300

•Qualifying Widow(er) $12,600

If you’re 65 or older or blind, your standard deduction is higher than these amounts. If someone can claim you as a dependent, your deduction may be limited. www.facebook.com/teestaxes

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