Sentences with phrase «more than a standard deduction»

If you think that your deductions will add up to more than the Standard Deduction, you'll probably want to itemize your deductions.

Generally, it only makes sense to itemize if your total on Schedule A is more than the standard deduction open to everyone.

Taxpayers only itemize when their deductions are more than the standard deductions.

Your dependent child is required to file a dependent tax return if his or her income is more than the standard deduction allowed for dependents:

If your itemized deductions total more than the standard deduction then you usually would use them instead of the standard deduction.

If the total of your deductions (including the inheritance tax) don't add up to more than the standard deduction ($ 5,950 for single filers and $ 11,900 for married filing jointly in 2012), then you save more by taking the standard deduction.

If the combination of all of these deductions is more than the standard deduction amount, then you should go ahead and itemize.

If it is more than the standard deduction amount, then you should go ahead and itemize.

Itemizing deductions is beneficial when the total value of your deductions is more than the standard deduction for your filing status.

A taxpayer will usually itemize deductions if it offers them more benefits than the standard deduction (i.e., when the amount of qualified deductible expenses totals more than the standard deduction).

You should plan to itemize if your total deductions are more than the standard deduction allocated by the IRS.

Added up together, they can add up to more than your standard deduction and potentially save you a lot on your taxes.

To itemize, total itemized deductions must be more than the standard deduction for the taxpayer's filing status.

Eligible individuals who choose to itemize their deductions usually do so because their expenses are more than the standard deduction amount.

What's more, you don't need your home - related tax deductions to amount to more than the standard deduction on their own.

Compare standard versus itemized deductions — Your current or planned 2017 itemized deductions might be more than your standard deduction.

They were self - employed with a net profit and with itemized deductions that are worth more than the standard deduction.

The best rule of thumb is to itemize deductions if they add up to more than the standard deduction.

If your deductions, including the $ 3,000 deduction for the car, total more than the standard deduction, you should probably itemize.

If you buy a low - cost home, there's a good chance that what you pay in interest and property taxes won't be more than the standard deduction.

To get the tax advantage from buying a home, the amount you pay in interest and property taxes (as well as any other deductions) needs to be more than the standard deduction (In 2011, the standard deduction for single filers is $ 5,800; for married filing jointly it's $ 11,600).

If their itemized deductions add up to more than their standard deduction, the taxpayers can get a bigger tax benefit by itemizing.

The amount of mortgage interest plus the other qualifying items add up to more than the standard deduction.

Since a dependent is unable to claim their own exemption, a tax return is necessary when their earned income is more than the standard deduction for a single taxpayer, which in 2017 is $ 6,350.

If your total deductible expenses for the year are more than the standard deduction amount then you will save more by itemizing.

The only reason to itemize your deductions is if your deductions for mortgage interest, property taxes, medical expenses, etc. total more than the standard deduction that is available for your filing class.

Yes, they would retain the option of taking the deductions for mortgage interest and charitable contributions, but unless these amounts totaled more than the standard deduction, it would not make sense to claim them.

In order for it to benefit you, the interest you pay in any given year (along with any other deductions you may claim) will have to be more than the standard deduction.

Not exact matches

There's more to cracking the tax code than knowing the standard deduction.

And if you don't have more than $ 12,500 of itemized deductions — including mortgage interest — it does you no good, since you could have just taken the standard deduction.

You may find it's not worth claiming your charitable donation tax deduction because you'll save more with the standard deduction than by itemizing.

A taxpayer will also typically itemize tax deductions if it offers them more benefits than the standard deduction (i.e., when the total amount of qualified deductible expenses is greater than the standard deduction).

If your expenses throughout the year were more than the value of the standard deduction, itemizing if a useful strategy to maximize your tax benefits.

On your 2017 tax return, this would save you almost $ 4,000 more than taking the standard deduction.

Because the higher standard deduction will exceed the value of itemized deductions for many taxpayers, the Tax Policy Center estimates that more than 25 million families will stop itemizing in 2018 — that's more than half the number of people who have itemized in recent years.

Generally speaking, itemizing is a good idea if the value of your itemized expenses is more than the value of the standard deduction.

Finally, middle - income and low - income households are more likely to take the standard deduction rather than itemizing their tax returns, in which case they see no benefit from the MID.

Depending on your situation, it could make more sense to take the standard deduction rather than itemize, so be sure to run the numbers to see which scenario works out the most in your favor.

The House Republican plan proposes roughly doubling the standard deduction, a change they believe will lead many more Americans to take the standard deduction rather than itemize their deductions.

This means more people will take the standard deduction rather than itemize items such as mortgage interest, which CBRE said will significantly benefit renters in most of the country's largest markets and encourage renting over homeownership.

In a 2002 study, the Congressional Research Service (CRS) estimated that roughly 950,000 tax filers would have saved more than $ 470 million on their 1998 tax returns if they had itemized mortgage interest and state and local income taxes instead of claiming the standard deduction.

Filing as head of household provides you with a larger standard deduction and allows you to take advantage of tax brackets that are more favorable than those available to single taxpayers.

If you can't file a joint return for the year because you're divorced by year - end, you can file as a head of household (and get the benefit of a bigger standard deduction and gentler tax brackets), if you had a dependent living with you for more than half the year, and you paid for more than half of the upkeep for your home.

This can require a little more work, but can potentially provide you with more deductions than standard deductions.

Many people find that becoming a homeowner actually encourages itemizing your taxes which is more beneficial than accepting the standard deduction.

They definitely should itemize their deductions but the difference in their deduction is only $ 800 more than if they took the standard deduction.

If your medical deduction, combined with other deductions such as charitable donations and mortgage interest, don't add up to more than the standard, you're better off not itemizing.

As a result, more interest is paid and the deduction is likely to be high enough to warrant itemizing rather than settling for the standard deduction.

Because the higher standard deduction will exceed the value of itemized deductions for many taxpayers, the Tax Policy Center estimates that more than 25 million families will stop itemizing in 2018 — that's more than half the number of people who have itemized in recent years.

In 2018, the new standard deduction would be worth more than the itemized deductions, and the personal exemption is gone.