{"id":100047,"date":"2025-02-20T19:55:04","date_gmt":"2025-02-20T19:55:04","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/itemized-deductions-series-part-1-the-basics\/"},"modified":"2025-02-20T19:55:04","modified_gmt":"2025-02-20T19:55:04","slug":"itemized-deductions-series-part-1-the-basics","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=100047","title":{"rendered":"Itemized Deductions Series – Part 1: The Basics"},"content":{"rendered":"


\n<\/p>\n

\n

Itemized Deductions:\u00a0 From Common and Easy to Unusual and Tricky<\/strong><\/p>\n

For most taxpayers, questions about what is deductible far outnumber the questions about what is taxable. Why? Most income is reported on standard documents \u2014W-2\u2019s, K-1\u2019s and 1099\u2019s.<\/p>\n

The recordkeeping for deductions mainly falls on the taxpayer. While certain deductions are reported on IRS forms (such as mortgage interest), others have no standard reporting form and might not be recapped for you at all. Second, while you might only have a couple of sources of income that don\u2019t change much from one year to the next, you could have a far greater variety of itemized deductions.<\/p>\n

Over the next several posts, we will summarize the most common deductions, including the recordkeeping requirements, along with tips and recommendations. Keep in mind there are always special circumstances, ifs, ands, and exceptions. So, consult with your tax advisor before taking action.<\/p>\n

PART 1: The Basics: \u00a0The Standard Deduction and Itemized Deductions<\/strong><\/span><\/p>\n

All qualifying taxpayers are allowed a standard deduction regardless of actual deductions. For those under 65 years of age, the basic standard deduction for 2024 is $29,200 if married and filing jointly ($14,600, single).\u00a0 So, if your actual deductions total $20,000 (married, filing jointly), the higher standard deduction of $29,200 is taken.\u00a0 It\u2019s easy\u2014no supporting documentation is required. The standard deduction is inflation-indexed annually. The standard deduction was almost doubled as a result of the 2017 Tax Cuts and Jobs Act.<\/p>\n

An additional standard deduction is available to people over age 65 or for those who are blind. For someone single and over 65, an additional $1,950 per individual is added to the standard deduction, bringing the total standard deduction to $16,550. Married taxpayers get an additional $1,550 for each spouse over 65, which makes a standard deduction of $32,300.<\/p>\n

Planning Tip: <\/strong><\/p>\n

Before year-end, estimate your itemized deductions. Postponing additional deductions might be a good idea if you are going to fall below the standard deduction. Bunching contributions and other deductions in one year when over the standard deduction provides the maximum benefit.<\/p>\n

In our next post, we\u2019ll discuss medical expense deductions and how to make the most of them. <\/strong><\/p>\n

Contact your Dent Moses advisor<\/a><\/strong>\u00a0if you have any questions throughout this series.<\/strong><\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"

Itemized Deductions:\u00a0 From Common and Easy to Unusual and Tricky For most taxpayers, questions about what is deductible far outnumber the questions about what is taxable. Why? Most income is reported on standard documents \u2014W-2\u2019s, K-1\u2019s and 1099\u2019s. The recordkeeping for deductions mainly falls on the taxpayer. While certain deductions are reported on IRS forms […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[2639,19643,46602,3341,1297],"dealstore":[],"offerexpiration":[],"class_list":["post-100047","post","type-post","status-publish","format-standard","hentry","category-accounting","tag-basics","tag-deductions","tag-itemized","tag-part","tag-series"],"yoast_head":"\nItemized Deductions Series - Part 1: The Basics - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=100047\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Itemized Deductions Series - Part 1: The Basics - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Itemized Deductions:\u00a0 From Common and Easy to Unusual and Tricky For most taxpayers, questions about what is deductible far outnumber the questions about what is taxable. 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