Should I Take a Standard Deduction or Itemize?

Should I Take a Standard Deduction or Itemize?
Dr. Friday Tax Tips - One Minute Mo...

 
 
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Dr. Friday
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one minute moment.

Should I take a standard deduction or itemize? You know, I always find it so fascinating that people really, really, really want to itemize. Itemizing in itself means that you have a lot of debt because the biggest thing we can itemize in most cases is mortgage interest. Now there are obviously charitable contributions, which I have many clients that do give a lot of money. Itemizing only wins when you’re doing it, but the fact is, the standard deduction right now keeps going up. So we got $12,200, $24,400 in the 2019 tax year. So if you can’t itemize, don’t worry. Just make sure you pay your debts.

Call me if you have questions.

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