How do I know if I should itemize or use the standard deduction?
To determine if you should itemize or use the standard deduction depends on your individual circumstance. You want to choose the method that results in the largest tax deduction for you.
The value of your itemized deductions might be more than the amount you'll receive as a standard deduction. If so, you should probably itemize. If you’re subject to Alternative Minimum Tax (AMT), you might want to itemize even if the standard deduction is more.
Otherwise, it's usually better to claim the standard deduction. Don't forget to take the state's tax results into consideration when determining if you should itemize or take the standard deduction."
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So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.