Dr. Friday 0:00
Good 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.
Dr. Friday 0:12
Standard deduction vs. itemized deductions. We know since 2018, we’ve had much larger standard deductions. Therefore, itemizing has become difficult. It doesn’t mean that it’s zero. The problem is you have to medical; if you have it, you have to take your income multiplied by 10%, basically, and then everything above that will start going towards your itemizing. You have the salt tax, which is state income tax, home mortgage interest, and charity and things like that as well. All of that for a single person has to add up to almost $13,000. If it doesn’t, you might think about taking the standard deduction.
Announcer 0:52
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