<topic sku="core" tNum="289591" author="sallyh" xmlns="x-schema:hhTopicSchema.xml"><index><title>Learn about the standard deduction vs. itemized deductions</title><category>tax</category><klink type="prcdr">Tell me about the standard deduction vs. itemized deductions</klink></index>
<content>
<!-- This file included Canadian-specific markup -->
<p>The IRS allows you to deduct certain personal expenses from your taxable income. These expenses generally include medical and dental expenses, deductible taxes, charitable contributions, home mortgage interest, casualty and theft losses, and deductions related to your job or your investments. You can either keep track of these allowable expenses and report them as "itemized deductions," or you can use the "standard deduction"<mdash/>the amount the IRS has predetermined for taxpayers with your filing status. </p>
<p>In most cases, you take the higher of your total itemized deductions or the standard deduction. You cannot take the standard deduction and you must itemize if your filing status is Married Filing Separately, and your spouse itemizes his or her deductions.</p>
<p>For more information, see the IRS Instructions for Schedule A, Itemized Deductions, on the <alink type="xtnl" href="http://www.irs.gov">IRS Web site</alink>. </p>
