Standard vs. itemized deductions: Which should you take?

Standard vs. itemized deductions: Which should you take?

Taking deductions when filing your taxes can reduce the amount you owe. But there are two different ways to claim deductions, and the one you choose can impact how much you save.The far more common method is standard deductions, which "nearly 90% of taxpayers claim," said Intuit TurboTax. Choosing this method also tends to be far easier and less time-consuming. But for some taxpayers, it is still worth exploring the potential of itemized deducti…

If you are one of the taxpayers living alone with one or more children, the T box of the income tax return may qualify for an additional half tax. But be careful: misuse may lead to a correction. It is better to be careful to meet the required conditions.

Standard Deduction 2024 and 2025: Amounts, How It Works - NerdWallet

The standard deduction changes each year based on inflation. How much of a deduction you're entitled to depends on your age, filing status and other factors.

In 2025, tax returns offer significant advantages for single parents or those with shared custody: filling out box T could allow you to make considerable savings.