I have a question about deductible charitable contributions on my tax return. If I take the standard deduction do I have itemize my donation deductions?
No, if you take the standard deduction you do not need to itemize your donation deduction. However, if you want your deductible charitable contributions you must itemize your donation deduction on Form 1040, Schedule A: Itemized Deductions.
It is important to know that you are choosing between taking the standard deduction and itemizing your donation deductions on Form 1040, Schedule A. You cannot do both. You will have to determine which deduction gives you the lower tax.
The standard deduction is a dollar amount that reduces your taxable income. It is a benefit that eliminates the need to itemize your deductions. Your standard deduction is based on number of factors including your filing status. Most people benefit from the standard deduction when your standard deduction is greater than the amount of your itemized deductions.
What does it mean to be an enrolled agent? Learn more about the roles and requirements of enrolled agent (EA) tax preparers at H&R Block.
Head of household is a filing status for single or unmarried taxpayers who have maintained a home for a qualifying person, such as a child or relative. This filing status provides a larger standard deduction and more generous tax rates for calculating federal income tax than the Single filing status.
Due to the recent TCJA changes, we have re-released our trusted Tax Calculator. With a side-by-side comparison, you can now plan for this year's tax filing.
If you are just getting your tax documents together and figuring out what to do next, here is a handy checklist to help you keep everything organized.