Dr. Friday breaks down the 2024 itemized deduction limits, noting that singles have a limit of $14,600, married couples $29,200, and heads of households $21,900. Those over 65 receive an additional $1,950 if single or $1,500 each if married. She emphasizes that not everyone will itemize, which might mean you’re saving money while still benefiting from a substantial tax deduction. For personalized help, reach out to Dr. Friday or tune in to her live call-in show every Saturday.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Itemized deductions for 2024. So if you are single, you’re going to have $14,600. If you’re married, $29,200 and head of household, $21,900. If you’re over the age of 65, you’re going to get an additional $1,950 if you’re single. And if you’re married, a married couple will get $1,500 for each person over the age of 65. So when thinking about itemizing, a lot of times people, you’re not going to be able to do it. Doesn’t mean a bad thing. It just means you’re not spending as much money and still getting a big tax deduction. If you need help, call us.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.