Is It Better to Itemize My Deductions Or Claim the Standard Deduction?

You’ll want to choose whichever produces the bigger write-off, but the only way to know for sure is to add up your itemized deductions and compare the result with your standard deduction. Therefore, it’s always helpful to keep your receipt because you’ll need them to calculate whether you’re better off itemizing your deductions or claiming the standard deduction.

Read FAQs on Business Taxes – Read FAQs on Personal Taxes.