Is Itemizing Deductions Worth It?

Is Itemizing Deductions Worth It?

Generally speaking, itemizing is a good idea if the value of your itemized expenses is more than the value of the standard deduction.

Is it worth itemizing deductions in 2020?

Here's what it boils down to: If your standard deduction is less than your itemized deductions, you probably should itemize and save money. If your standard deduction is more than your itemized deductions, it might be worth it to take the standard and save some time.

Do most people itemize their deductions?

In recent years, about 30 percent of taxpayers chose to itemize (figure 1). The most common itemized deductions are those for state and local taxes, mortgage interest, charitable contributions, and medical and dental expenses.

Sarah Jenkins
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Sarah Jenkins

Sarah Jenkins is a veteran tech journalist with over 12 years of experience covering artificial intelligence, mobile innovations, and digital ethics. Her insights have appeared in leading technology publications worldwide.