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Should I itemize or take the standard deduction?
Many deductions are available only if you itemize, or complete a Schedule A on your tax return, but itemizing isn't the best option for everyone. Taxpayers are allowed a standard deduction, an amount on which NO tax is due. You should only itemize if your deductions exceed the standard deduction.
The most common, and generally the largest, itemized deduction is home mortgage interest. Other common itemized deductions include charitable contributions & real estate property tax. For 2010 and 2011, the 12/17/10 tax act extended the itemized deduction for sales tax as well. Several other deductions are available but are limited based on adjusted gross income percentage limits--such as health insurance and other medical payments and work related expenses.
You should consider itemizing if your deductions will exceed the standard deduction limitations below:
| Single/Married filing Sep | Married filing Joint | Head of Household | |
|---|---|---|---|
| Standard Deduction | $5,700 | $11,400 | $8,400 |
Additional standard deductions apply for individuals who are elderly or blind.
Important Dates
- 05/21/12 (All day) - TN Sales Tax Due
- 05/28/12 (All day) - Memorial Day- Bank Holiday
- 06/01/12 (All day) - Professional Privilege Tax Due