- Category: Individual Taxes
- Written by Madeline Delanni
- Hits: 3149
Time is crunching for you tax-time procrastinators. The fear of the IRS grim reaper is tapping at your window sill...time to get busy! Now you're sitting there with your store-bought tax preparation software and your stack of receipts, property tax receipts, investment paperwork, W2s and 1099s and you are wondering "should I itemize or claim the standard deduction?"
According to the Internal Revenue Service, itemizing deductions is only possible if your total deductions exceed the standard deduction that non-itemizers can claim.
For the 2011 tax year, if you are either single or married but filing separately your standard deduction will be approximately $5,800. If you are married and you file your returns jointly or have a dependent then your standard deduction will increase to $11,600. If you claim head of household your standard deduction will then be $8,500. Your standard deduction may also be decreased if your annual income exceeds a certain amount.
See Top 10 Tax Deductions Often Overlooked for more information.