Sentences with phrase «over the standard deduction»

It is not exactly dollar for dollar, since you have the standard deduction in any case, so essentially you only benefit from the excess of your State taxes over the standard deduction.
, and the rate is sufficient for you to be well over the standard deduction, you should probably invest your savings.
For example, a taxpayer with a marginal tax rate of 25 percent could save up to $ 25 for every extra $ 100 they can itemize over the standard deduction.
Once you have ensured that your itemized deductions are over your standard deduction there are several smaller deductions that can increase your tax savings.
You're basically bunching those deductions together to get over that standard deduction.
@KintKant OK, I'm confused then because the numbers come to something over your standard deduction which seems to contradict your point # 5.
And then it only decreases your taxable income by the amount that you are over the standard deduction.
«Current mortgage interest may not even be enough to be over the standard deduction,» said Carlos Dias Jr., founder of Excel Tax & Wealth Group in the Orlando, Fla., area.
Single taxpayers, on the other hand, would see a tax benefit of more than $ 600 over the standard deduction (for $ 7K in interest expense), although the net tax savings would only be about $ 150 for a payer in the 25 percent tax bracket.
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