Knowing your Tax Deductions

Did you know you have two options when it comes to your tax deductions?? You can either take the Standard Deduction (based on your filling status) or Itemized Deductions.

Standard Deductions:
• Single – $6,300
• Married Filing Jointly – $12,600
• Head of Household – $9,300
• Married Filing Separately – $6,300
• Qualifying Widow(er) – $12,600

Itemized Deductions, may include:
• Home mortgage interest
• State and local income taxes or sales taxes (but not both)
• Real estate and personal property taxes
• Gifts to charities
• Casualty or theft losses
• Unreimbursed medical expenses
• Unreimbursed employee business expenses