{"id":444,"date":"2017-01-29T05:31:26","date_gmt":"2017-01-29T05:31:26","guid":{"rendered":"http:\/\/www.irstaxapp.com\/?p=444"},"modified":"2017-01-29T08:15:09","modified_gmt":"2017-01-29T08:15:09","slug":"when-itemized-deduction-is-better-than-standard-deduction","status":"publish","type":"post","link":"https:\/\/www.irstaxapp.com\/when-itemized-deduction-is-better-than-standard-deduction\/","title":{"rendered":"When Itemized Deduction is Better Than Standard Deduction ?"},"content":{"rendered":"

\"itemized <\/picture><\/a>There are two ways an Individual can claim deductions under Internal Revenue Code while filing tax return- either by claiming standard deduction or the intemized deduction.\u00a0If you can claim standard deduction or itemized deduction , itemized deduction option ( on schedule A of Form 1040<\/em> <\/a>) will logically be better if it gives you more deduction than the standard deduction .<\/p>\n

Major itemized \u00a0deduction are :<\/h2>\n

Under itemized deductions, a tax payer can deduct<\/p>\n

    \n
  1. his\/her medical and dental expenses<\/li>\n
  2. unreimbursed employee business expenses,<\/li>\n
  3. certain payments of taxes,<\/li>\n
  4. interest,<\/li>\n
  5. contributions to charities ,<\/li>\n
  6. miscellaneous expenses.<\/li>\n
  7. certain casualty and theft losses<\/li>\n<\/ol>\n

    As you know the maximum itemized deduction is fixed and also based on your\u00a0adjusted gross income , itemized deduction may \u00a0be\u00a0reduced or phased out if the adjusted gross income<\/a> is more than the following threshold (\u00a0For tax year \u00a02016 )<\/p>\n