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
CategoryDeductible ItemsLimits State/Local Taxes (SALT)Income, property, sales tax$10,000 cap Mortgage InterestInterest on first $750k of debtPrimary + second home Charitable GivingCash, property donationsUp 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 interestSmall mortgage or paid offLarge mortgage, early years Property tax + state taxUnder $10k combinedNear $10k (SALT cap) Charitable givingSmall donationsLarge donations Medical expensesLow/moderate costsMajor medical year
Tax Savings Example
DeductionAmountTax Savings (22% bracket) Standard ($14,600)$14,600$3,212 Itemized ($20,000)$20,000$4,400 Extra benefit$5,400$1,188