Tax Tips Should I Itemize Tax Deductions on My Taxes? Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by TurboTax Published Apr 16, 2017 2 min read Advertising Disclosure The views expressed on this blog are those of the bloggers, and not necessarily those of Intuit. Third-party blogger may have received compensation for their time and services. Click here to read full disclosure on third-party bloggers. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is "as is" and carries no warranties. Intuit does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog. After 20 days, comments are closed on posts. Intuit may, but has no obligation to, monitor comments. Comments that include profanity or abusive language will not be posted. Click here to read full Terms of Service. Save more, spend smarter, and make your money go further Sign up for Free When it comes to tax deductions on your tax return, you have two options. The first option is to take the standard tax deduction, which will be based on your tax filing status. For the 2016 tax year, the standard tax deduction starts at $6,300 for single filers and $12,600 for married filing jointly filers. The second option is to itemize your tax deductions such as mortgage interest, property taxes, charitable tax donations, state and local income taxes, and medical expenses (if they exceed 10% of your adjusted gross income, 7.5% if 65 and older). These categories are the larger and more common of the expenses you might be able to deduct from your expenses. TurboTax will ask you simple questions about your tax deductible expenses and figure out if you are eligible for the standard deduction or if you are eligible to itemize and cho0ses the option that maximizes your tax deductions based on your entries. Can I Itemize? Generally taxpayers who own a home and pay tax deductible home mortgage interest can itemize, but you may be able to itemize your tax deductions even if you don’t own a home and the following expenses are more than the standard deduction ($6,300 single, $12,600 married filing jointly). It’s worth taking the time to gather your receipts for the following expenses and letting TurboTax do the math, and see which option (standard deduction or itemized deductions) you are eligible for to maximize your tax deductions. 1. Medical and Dental Expenses 2. Taxes You Paid 3. Interest You Paid 4. Gifts to Charity 5. Casualty and Theft Losses 6. Job Expenses and Certain Miscellaneous Deductions 7. Other Miscellaneous Deductions What if they are close? If your expenses are close to the maximum standard deduction amount you may want to make sure you are not missing any receipts for the above expenses, which may push you over the standard deduction and allow you to take more tax deductions. Don’t worry about knowing these tax rules. TurboTax will ask you simple questions about you and give you the tax deductions and credits you deserve based on your entries. File now. Visit TurboTax. Save more, spend smarter, and make your money go further Sign up for Free Previous Post 8 Last Minute Tax Tips to Help You File Before… Next Post Be the First In Line for Your Tax Refund Written by TurboTax More from TurboTax Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Notify me of follow-up comments by email. Notify me of new posts by email. Δ Browse Related Articles Financial Planning Tax Planning: 6 Year-End Tax Planning Tips Financial Planning Tax Tips for First-Time Homebuyers Tax Tips 7 Commonly Overlooked Tax Deductions Financial Planning Smart Tax Strategies For The Big Personal Finance Event… WTFinance WTFinance: Tax Reform for Millennials How To 5 Last Minute Tax Tips Relationships Are Refinancing Costs Tax-Deductible? Relationships What Is The Mortgage Interest Deduction? Tax Tips Top Job Seeker Tax Deductions Budgeting 101 Chapter 01: What Is a Budget & How to Create One