What are itemized deductions versus the standard deduction?

Itemized deductions are expenses that reduce your taxable income. Itemized deductions include, but are not limited to: 

In most cases, taxpayers itemize if their allowable itemized deductions are greater than their standard deductions or if they can't use the standard deduction. So your situation will depend on how your itemized deductions compare to your standard deduction.

Please note that Beem Filer does not support itemized deductions at this time. For coverage details and other important legal information about Filer, you can read more here.

Note: The standard deduction is a set deduction amount that reduces the amount of income that someone is taxed. It varies depending on your filing status, age, and whether or not you are blind.

 It's really important for taxpayers to consider their deduction options each year since the tax code can change. People who itemized in the past might find that changes in the tax code make it a bad choice for them this year.

This content is provided for informational purposes only and should not be construed as tax, legal, financial, accounting, or other advice. Rules and regulations vary by location and are subject to change, so please consult with an expert if you need advice specific to you.

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