Should You Itemize on Your 2019 Taxes?
At this point during the tax season, you should be starting to gather your documents and thinking about filing your return. But whether you decide to go it alone or enlist the help of a tax professional could hinge on one key point: whether you're taking the standard deduction on your 2019 taxes or are planning to itemize.
Filing a return using the standard deduction is simple -- you copy over the details of your W-2 and 1099 forms, and then apply the deduction you're eligible for based on your tax-filing status. For your 2019 tax return (the return you're filing this year), the standard deduction is:
If you opt for the standard deduction, your math is pretty uncomplicated, and your legwork is minimal. If you itemize, you could snag an even larger tax break, but it'll take more of an effort, and your savings may not be that much more substantial. The question is: What's the right move for you?
Source Fool.com
