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Jo Willetts, Director of Tax Resources at Jackson Hewitt, has more than 35 years of experience in the tax industry. If your itemized deductions add up to less than the standard deduction, it may make sense to take the standard deduction. For 2022, it is Few people find it worthwhile to itemize anymore, because standard deduction amounts were bulked up by a major tax overhaul in 2017. Weve seen it all and will help you through it all. ", Internal Revenue Service. Standard Deduction: How Much Is It and How Do You Education expenses are tax-deductible for self-employed individuals as long as they are related to their current job. Maximum refund guaranteed with A.I. For self-only coverage, the maximum out-of-pocket expense amount is $4,950, up $150 from 2021. Tax Benefit: Definition, Types, IRS Rules, Tax Credit: What It Is, How It Works, What Qualifies, 3 Types, About Schedule A (Form 1040), Itemized Deductions, Here Are Five Facts About the New Form 1040, IRS Provides Tax Inflation Adjustments for Tax Year 2022, IRS Provides Tax Inflation Adjustments for Tax Year 2023, Taxpayers Can Choose to Itemize or Take Standard Deduction for Tax Year 2017, Tax Benefits for Education: Information Center. $20,800. In that case, you can still claim the home office tax deduction if you operate between 7 a.m. and 6 p.m. everyday and have the state-required legal license to run your business. Note You can't claim the standard deduction and itemize, tooit's one or the other. 40 years of experience and our guarantees back it up. The additional deduction is also doubled for separate filers for either qualifying spouse who is both 65 or older and blind. If you use space in your home as an office for your business, you can take either the actual home office deduction or the simplified home office deduction. They also both get an additional standard deduction amount of $1,400 per person for being over 65. We may not fully support the browser or device software you are using !