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When would itemized deductions make more sense than the standard deduction?
AI accountant’s answer:
Itemized deductions might make more sense than the standard deduction in situations where the total of your qualifying expenses exceeds the standard deduction amount for your filing status. Some common itemized deductions include mortgage interest, state and local taxes, medical and dental expenses, and charitable contributions. Here are the standard deduction amounts for the 2022 tax year: 1. Single taxpayers and married individuals filing separately: $12,950 2. Married couples filing jointly: $25,900 3. Heads of households: $19,400 If the total of your itemized deductions is greater than the standard deduction amount for your filing status, it would generally be more beneficial to itemize. However, you should also consider any limitations or phaseouts that might apply to certain itemized deductions. Remember to carefully analyze your personal tax situation and compare the benefits of both before deciding which method to use.
Comment from reviewer
Judah Broussard, EA, JD

Rather than "qualifying expenses," a more fitting term for this would be "qualifying deductions" because the question is dealing with itemized vs. standard deductions. That would prevent confusion regarding actual business expenses, Schedule C, or other business items, which are not part of the Schedule A conversation in general.

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