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Tax season 2025: Itemize or take the standard deduction?

Tax deductions can help taxpayers keep more money, offering two options: standard deduction or itemized deductions with proof of expenses.
For tax year 2024, the standard deduction amounts are $14,600 for single filers and $29,200 for married couples filing jointly.
According to the National Consumer Unit, only about 9% of filers itemized their returns for tax year 2022.
Detailed records are essential if choosing to itemize, as the IRS can audit returns within three years or six years for substantial errors.

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WLKY

+12 Reposted by 12 other sources

Center

Tax season 2025: Itemize or take the standard deduction?

With tax season here, understanding whether to itemize deductions or take the standard deduction can help you maximize savings.

11 days ago·Louisville, United States

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Nevada Appeal

Center

Kelly Bullis: Itemize or take the standard deduction?

Stay informed with NevadaAppeal.com, Carson City's trusted source for breaking news, politics, sports, and community updates.

12 days ago

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nerdwallet.com

Mortgage Interest Deduction: Limit, How It Works - NerdWallet

The mortgage interest deduction allows you to deduct the interest you paid on the first $750,000 of your mortgage debt during the tax year.

9 days ago

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CPA Practice Advisor

5 Top Trending Tax Questions During the 2025 Filing Season

Cryptocurrency gains, remote work tax implications, and NFT reporting rules are among the many topics taxpayers are asking accountants questions about this tax season, according to new data from expert platform JustAnswer.

10 days ago

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aftenbladet.no

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bt.no

Enticing baby bonus: 200,000 in tax deductions for you to have more children

Party leader of the Christian Democratic Party (KrF), Dag Inge Ulstein, wants to give parents with one and two children 50,000 kroner in tax deductions, and 100,000 kroner less if they have three children.

11 days ago

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smp.no

Lures with large tax deductions

The Christian Democratic Party wants to use large tax deductions to encourage Norwegians to have more children. Party leader Dag Inge Ulstein proposes a tax deduction of up to 200,000 kroner for parents of three children.

11 days ago

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