Should you itemize your deductions for 2021?

(Image by Steve Bussinne, Pixabay)

December is the perfect time to do some year-end tax planning.

If you’re looking for ways to trim your tax bill, USA Today says it all starts with deciding whether or not to itemize your deductions.

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For 2021, the standard deduction is $12,550 for single tax filers and $25,100 for married couples filing jointly.

If your qualifying expenses are higher than those levels, you may want to itemize your deductions.

Common itemized deductions are mortgage interest, state income taxes and charitable donations. Medical expenses such as unreimbursed doctors fees, prescription medications and some insurance premiums are also deductible.

You can find specifics on medical deductions in the IRS publication 502.


About the Author:

Kamryn Buza joined 10 News as an intern in September 2021.