All taxpayers have the option each year to deduct either actual itemized deductions (mortgage interest, taxes, etc.) or the standard deduction. Due to recent tax law changes, many more taxpayers will benefit from the standard deduction rather than the itemized deductions. We still encourage you to submit all your documents and expenses for the itemized deductions so that we can determine the best deduction for you.
For 2021, the basic standard deduction is $12,550 (single or married filing separately); $18,800 (head of household); and $25,100 (married filing jointly).
If you would like to give us these documents and have us evaluate, answer yes to this question and please complete the Schedule A (Itemized Deductions) section below.