Tax Tip: Should You Take the Standard Deduction or Itemize?
(NEW YORK) -- The Internal Revenue Service allows a married couple, filing jointly, $12,200 as a standard deduction for their 2013 tax return. But is that the best option for you and your spouse? Tax expert Kevin McCormally with Kiplinger's says taking the standard deduction makes sense for many. "I think most people who claim the standard deduction are doing the right thing. It gives them more benefit than if they itemize and it's certainly simpler," he tells ABC News Radio.
But if you're paying a lot of mortgage interest, health costs or some other deductible items, tax account Janice Hayman says it might be best to itemize.
"You should absolutely see if you can. I think if people took the time to collect certain receipts from charities for goods donated, those alone are something that could get you over the edge and allow you to itemize," she says.
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