Standard vs Itemized (2024)
| Filing Status | Standard Deduction |
|---|
| Single | $14,600 |
| Married Filing Jointly | $29,200 |
| Head of Household | $21,900 |
Common Itemized Deductions
| Deduction | Limits |
|---|
| Mortgage interest | Interest on up to $750K of mortgage debt |
| State & local taxes (SALT) | Capped at $10,000 — includes property + income/sales tax |
| Charitable contributions | Up to 60% of AGI for cash donations |
| Medical expenses | Amount exceeding 7.5% of AGI |
Self-Employed Deductions
| Deduction | Details |
|---|
| Home office | $5/sq ft simplified (max 300 sq ft) or actual expenses × business % |
| Health insurance | 100% of premiums for you + family — above-the-line deduction |
| Retirement (Solo 401k) | Up to $69,000 (2024) — employee + employer contributions |
| Business expenses | Equipment, software, travel, meals (50%), internet, phone |
Pro Tip: The difference between a deduction and a credit: a deduction reduces taxable income (worth your marginal tax rate), a credit reduces taxes directly dollar-for-dollar. A $1,000 credit is ALWAYS better than a $1,000 deduction. Chase credits first.