Tax Deductions You Might Be Getting Wrong

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tax deductions 2020

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Weighing pros/cons of standardized deductions

It’s always a good idea to go over the standardized deductions for common scenarios like filing married versus jointly, or for home offices. This is especially true if your circumstances have recently changed, like if you used to work in one corner of your home and have since built a separate home office in the backyard, or if you got married this year. In some cases, taking the standardized deduction means missing out on a refund to which you’re entitled. At other times, opting out of the standardized deduction can mean a lot of paperwork and headache for barely any more savings. So communicate with your CPA about the pros and cons of standardized deductions.

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