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February 20, 2025
Question

Which deduction gets me the most refund?

  • February 20, 2025
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    February 25, 2025

    Itemized deductions can give you a greater deductions if you can exceed the standard deduction.  For 2024, the Standard Deduction numbers to beat are:

     

    • Single and Married Filing Separately taxpayers: $14,600
    • Married Filing Jointly taxpayers: $29,200
    • those file as Head of Household: $21,900

    TurboTax states, "To itemize, you need to keep track of what you spent during the year on deductible expenses like out-of-pocket medical expenses and charitable donations. You also need to maintain supporting documentation, such as receipts; bank statements; medical bills; acknowledgment letters from charitable organizations; and tax documents reporting the mortgage interest, real estate taxes, and state income taxes you paid during the year."

     

    See the link below for more information:

     

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