As of 2015, the standard deduction table is available online at the IRS website or at TurboTax. Individuals who are over age 65 or blind qualify for a higher standard deduction. If a person can claim somebody else as a dependent, the IRS reduces the dependent's standard deduction.Continue Reading
Taking the standard deduction is not always the best option for taxpayers. By taking this deduction, they eliminate their chance to deduct interest paid on a home, charitable contributions and state or local taxes. By quickly adding a few expenses, taxpayers are able to compare the two deductions and determine if it is worth their time to complete Schedule A for the largest possible deduction.
The tax code reduces the medical expenses deduction by 10 percent of the taxpayer's income unless he or his spouse is over age 65. When considering the standard deduction and medical expenses, it is essential to keep this in mind.
Some charitable deductions count toward the itemized total. Donations over $250 require a receipt from the non-profit organization. For smaller donations, the IRS requires a canceled check or receipt from the organization.
A taxpayer with large gambling wins often receives a 1099 form from the casino at the time of payout. By itemizing his deductions, the player has the ability to deduct gambling losses up to the amount claimed in winnings.Learn more about Taxes