Should I take the standard deduction or should I itemize?
First let’s define both terms.
The standard deduction is a dollar amount that non-itemizers (most taxpayers) may subtract from their income and is based upon filing status. The 2013 standard deduction for married couples filing jointly is $12,200, for singles and married individuals filing separately the amount is $6,100 and $8,950 for heads of household. Additional amounts are available for persons who are blind and/or are at least 65 years of age. Continue reading