Tax Deduction Calculator
Compare standard vs. itemized deductions to minimize your tax liability. Take the higher deduction to reduce taxable income.
2024 Standard Deductions
| Filing Status | Standard Deduction | Age 65+/Blind (Additional) |
|---|---|---|
| Single | $14,600 | +$1,950 |
| Married Filing Jointly | $29,200 | +$1,550 per spouse |
| Married Filing Separately | $14,600 | +$1,550 |
| Head of Household | $21,900 | +$1,950 |
Common Itemized Deductions
| Category | Deductible Items | Limits |
|---|---|---|
| State/Local Taxes (SALT) | Income, property, sales tax | $10,000 cap |
| Mortgage Interest | Interest on first $750k of debt | Primary + second home |
| Charitable Giving | Cash, property donations | Up to 60% of AGI |
| Medical Expenses | Out-of-pocket costs | Exceeding 7.5% of AGI |
Deduction Calculator
``javascript
function calculateDeductions(itemizedExpenses, filingStatus = 'single', age65 = false) {
const standardDeduction = {
single: 14600,
married: 29200,
separate: 14600,
head: 21900
};
const extraDeduction = {
single: 1950,
married: 1550,
separate: 1550,
head: 1950
};
let standard = standardDeduction[filingStatus];
if (age65) standard += extraDeduction[filingStatus];
// Calculate itemized total with SALT cap
const saltCapped = Math.min(itemizedExpenses.salt || 0, 10000);
const totalItemized = saltCapped +
(itemizedExpenses.mortgage || 0) +
(itemizedExpenses.charity || 0) +
Math.max(0, (itemizedExpenses.medical || 0) - (itemizedExpenses.agi * 0.075));
const bestChoice = totalItemized > standard ? 'itemize' : 'standard';
return {
standardDeduction: standard,
itemizedTotal: totalItemized.toFixed(2),
recommendation: bestChoice,
taxSavings: Math.max(standard, totalItemized)
};
}
``
Should You Itemize? Quick Check
| If you have... | Standard likely wins | Itemize likely wins |
|---|---|---|
| Mortgage interest | Small mortgage or paid off | Large mortgage, early years |
| Property tax + state tax | Under $10k combined | Near $10k (SALT cap) |
| Charitable giving | Small donations | Large donations |
| Medical expenses | Low/moderate costs | Major medical year |
Tax Savings Example
| Deduction | Amount | Tax Savings (22% bracket) |
|---|---|---|
| Standard ($14,600) | $14,600 | $3,212 |
| Itemized ($20,000) | $20,000 | $4,400 |
| Extra benefit | $5,400 | $1,188 |