Standard vs. Itemized Deduction: Which One Should You Take?

Standard versus itemized deduction: Which one should you claim? This question may be weighing heavily on your mind as you prepare to file your taxes—and especially since the standard deduction once again changed in 2020, the final change to the new tax reforms that took effect in 2018. So let this guide help you decide which deduction is better for you.

Itemizing your deductions—particularly if you’ve bought a home recently—could save you major bucks when you file. But, more than ever, you need to understand what you can and can’t do tax-wise. We’ll break it down to help you make the decision on whether to select a standard or an itemized deduction.

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