How do I choose between itemizing and standard deduction?
An example of an AI chatbot conversation about choosing between itemizing and standard deduction.
How do I choose between itemizing and taking the standard deduction?
To choose, consider your total itemized deductions. If they exceed the standard deduction, itemizing may save you more.
What are some common itemized deductions I should know about?
Common itemized deductions include mortgage interest, property taxes, medical expenses, and charitable contributions.
How do I calculate my itemized deductions?
You can calculate itemized deductions by adding up eligible expenses from Schedule A of your tax return.
What is the standard deduction amount for this year?
For 2023, the standard deduction is $13,850 for single filers and $27,700 for married couples filing jointly.
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