When Can I Use Itemized Deductions?
The IRS provides various tax deductions to help taxpayers reduce their tax burden.
In addition to the standard deductions provided by the IRS for various tax identities,
taxpayers also can choose qualified itemized deductions to reduce their taxes.
The following are 5 common qualified itemized deductions:
- Qualified medical expenses
- Qualified charitable donations
- State real estate taxes
- State income and sales taxes
- Mortgage interest from a primary residence
Please note that the standard deductions and itemized deductions cannot be used together. The higher of the two deductions will be used for the year.
USCPA Sophie Luo (羅霞) reminds you that the IRS announces the qualified itemized deductions in each year, and there will be subtle adjustments every year. For any questions about itemized deductions, you can consult a professional accountant.
If you have any questions or need any further help,
please contact us at the USCPA Sophie Luo (羅霞) +886 980919600
or Email: ustaxproservice@gmail.com
Also welcome to visit our website: https://www.ustaxproservice.com
(USTAX Service LLC)