It’s important to determine whether it makes sense for you to itemize deductions, as there are steps that can be taken which will give a taxpayer enough deductions to itemize. For 2022, the standard deduction amounts are: $12,950 (single): $19,400 (head of household); $25,900 (married filing jointly and surviving spouse); and $12,950 (married filing separately). The additional standard deduction amount for taxpayers who are 65 or older or blind is $1,400. This additional amount is increased to $1,750 if the individual is also unmarried and not a surviving spouse.
If your itemized deductions in 2022 will be close to your standard deduction amount, consideration should be given to paying certain deductible amounts (such as medical and charitable expenses) in 2022 rather than 2023 to the extent possible, or vice versa. In essence, determine whether bunching deductions in one year and taking the standard deduction in alternate years can provide a net-tax benefit over the two-year period.
Have a question or want to get in touch?
Contact Us
