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  • Hey mark Kohler here and we're gonna talk about standard deduction versus itemizing now for everybody out there

  • You're an American you're gonna have to file a 1040 tax return and the rules have changed

  • Starting in 2018 until 2023. So you want to know the difference here because it could save you big-time on your tax return

  • All right, the general rule is you want to add up your itemized deductions and compare them against your standard deduction which everyone's greater

  • That's the one you want to take. Now, you're gonna find out pretty quickly that my item i's deductions, aren't that great

  • So you're gonna generally stick with standard deductions and not waste your time adding those up

  • But you want to know the rule so that you know when it's time to take that extra effort and figure out which one's better

  • Now the rules are now in

  • 2018 2019 and tell the foreseeable future in 2023. They may get all changed up again is

  • $12,000 standard deduction if you're single

  • $24,000 if you're married finally joint now, that's where you're gonna fall on the standard deduction

  • Spectrum and then again compare it against the itemized deductions. Okay. Now there's five itemized deductions

  • You want to track the first one is medical

  • Now what medicals could include is all of your out-of-pocket medical expenses? Not your medical insurance?

  • But out-of-pocket medical like dental eyes co-pays deductibles

  • prescription drugs

  • acupuncture massage there tons of stuff

  • You want to keep it over to IRS Publication 502?

  • To look at what medical expenses might get thrown into this bucket

  • Now the math is you're gonna add up all those expenses and the expenses over and above

  • Seven and a half percent of your adjusted gross income go into the equation

  • So for example, if you make a hundred thousand dollars adjusted gross income

  • You've minus seven point five percent. So seventy five hundred and anything above that would be a deductible medical expense

  • So if you had eight thousand dollars in medical expenses, you could deduct five hundred dollars of medical expenses

  • I know it's kind of crappy

  • I'm not a big fan for my business owner videos, you know, I love the HSA and the HRA watch those videos

  • But that's the medical expense

  • You want to add that up anything over seven and a half percent of your AGI?

  • Number two home mortgage interest. Now this one got a little more complicated as well

  • And I've got a separate YouTube video on home mortgage interest

  • But here's the general rule you get to deduct the interest as an itemized deduction on your primary

  • resident mortgage only and in fact, its

  • Acquisition indebtedness. You cannot write off the HELOC interest. You can't write off interest the second home or the RV or the boat

  • It's only interest on your primary home

  • Acquisition and deadness. So if you got a HELOC to remodel the kitchen doesn't matter it's only the interest on the acquisition indebtedness

  • so it's kind of crappy and it's limited to

  • Seven hundred and fifty thousand dollars of mortgages. So or one mortgage, I know it gets crazy. So not everybody out there has a

  • $750,000 mortgage so it's not gonna affect you properly and that's okay

  • But add up that interest and that goes into the equation as well for your total itemized deductions

  • Number three is charity now we all give something to charity once in awhile and you may take some clothes down to Goodwill or Salvation

  • Army get a receipt. The first five hundred dollars are easy schmoozing

  • Those are great great little write off if you give away more in tithes to your church

  • Or you write a big check to the United Way

  • Or you actually give donated property maybe a car to NPR's like that

  • then you need a receipt and there's more forms involved, but you want to add up all your

  • Charitable contributions and that goes into the bucket of itemized deductions now under the tax custom Jobs Act

  • This was also changed. It was actually increased so you could give up to 60% of your AGI

  • So if you're a huge donor one year for some reason you actually can give more to charity and add it into your itemized deduction

  • Bucket now number four used to be this casualty and theft loss thing

  • Which got gutted under the tax cuts and Jobs Act. Now remember where the government giveth the government taketh away

  • So while they made a bigger standard deduction, they hammered these itemized deductions in a lot of ways

  • So this casualty theft loss thing was basically if a tornado hit your house and anything the insurance didn't cover

  • you were able to take a ride out for that or if someone broke into your home and

  • Cause some damage or a tree fell on your house from next door, whatever that went into this bucket

  • Well, that deduction is now gone. The only deduction you can take is if the federal government

  • declares the disaster a national federal disaster area

  • Then you can qualify for the loss that may occur over and above your insurance

  • So talk to your accountant if that's the case now

  • The last one I want to talk about number five is salt the state and local tax

  • Did this is a big one that got again gutted under the tax cuts and Jobs Act. It's affecting a lot of people

  • Basically, you were able to deduct all of your state and local taxes, maybe your property taxes or the taxes

  • You paid your state which was great. Well now it's limited in total to a maximum amount of ten thousand dollars

  • so if you were in

  • California or New York or Illinois and had fifty thousand dollars in state tax not to mention your property taxes

  • It's limited to ten thousand dollars. Ouch

  • so this is where there's a little readjustment of the middle-income tax bracket and those that are

  • Maybe making more money might pay more in taxes

  • so you want to be careful with that and make sure you

  • Realize what you're getting into when you get into this itemized deduction equation

  • Now those are the big five, but I'm not gonna mention the miscellaneous itemized deduction

  • Which was greater than two percent of your AGI kind of thing. It's gone entirely which was unreimbursed employee

  • expenses tax prep fees

  • Investment expenses no longer write-off under autumn eyes deductions

  • But what this means again is summary is that you want to look at all your itemized deductions

  • Add them up work with your accountant or your tax prep software plug it all in and if you're on that borderline it's worth doing

  • if you know that the itemized the standard deduction is going to be bigger than itemized then obviously go that direction and don't waste your

  • time

  • Thanks so much for watching that video and I want to be your source for tax and legal strategies

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Hey mark Kohler here and we're gonna talk about standard deduction versus itemizing now for everybody out there

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2019年の標準控除 vs アイテム化!?| マーク・J・コーラー|税金と法律のヒント (Standard Deduction vs Itemizing in 2019!! | Mark J. Kohler | Tax and Legal Tip)

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    林宜悉 に公開 2021 年 01 月 14 日
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