Claiming my charity donations, medical bills, or mortgage interest?
Taxpayers who take the standard deduction can claim a deduction of up to $300 for cash contributions to qualifying charities made in 2021. Married couples filing jointly can claim up to $600.
For the 2021 tax year, the standard deduction for single taxpayers and married people filing separately is $12,550. For couples filing jointly, it is $25,100. For heads of households, it is $18,800.
In order to itemize – your charity donations, mortgage interest, property taxes and medical expenses must be above your standard deduction to be beneficial. In 2021, the IRS allows all taxpayers to deduct their qualified unreimbursed medical care expenses that exceed 7.5% of their adjusted gross income. You must itemize your deductions on IRS Schedule A in order to deduct your medical expenses. Mortgage interest and property taxes go towards itemizing.
If you have any questions, reach out to your local tax professionals at Meadville Tax Service at 814-333-2488 or email at email@example.com