What Coupon Clipping Can Teach You About the Decision to Itemize or Take the Standard Deduction
To itemize or to take the standard deduction?
An annual decision that comes into focus in December.
Think about itemized deductions like maximizing coupons at your favorite store.
Use the storewide coupon or bundle your VIP coupons?
The top 7 most common itemized deductions:
✅ State & Local Taxes (SALT): typically state income taxes + property taxes
✅ Home mortgage interest
✅ Interest expense on margin loans (limited to your net investment income)
✅ Charitable contributions
✅ Medical & dental expenses (deductible over 7.5% of your AGI)
✅ Theft & casualty losses
✅ Gambling losses
2025 Standard Deductions
Single or Married Filing Separately: $15,750
Married Filing Jointly: $31,500
Head of Household: $23,625
2026 Standard Deductions
Single or Married Filing Separately: $16,100
Married Filing Jointly: $32,200
Head of Household: $24,150
As always, speak with your qualified tax professional for advice on your situation.
If you need help to discuss your situation or would like a referral to a tax professional, I’m always happy to help!
Use the below link to book a complimentary Zoom with me.
🌴 🌴
