Common Tax Deductions to Consider

Deductions reduce the amount of income that is subject to tax. Many individual taxpayers take the standard deduction, but itemizing can make sense when your qualifying expenses exceed the standard amount.

Common itemized deductions include mortgage interest, state and local taxes (SALT) up to the annual limit, property taxes, charitable contributions, and qualified medical expenses that exceed a certain percentage of your income.

The right choice depends on your personal situation. We can help you review your records and determine whether the standard deduction or itemizing gives you the better result.