Itemizing deductions can be a real pain. As you consider your
options this year, looking at the standard deduction for 2013 can
save you a lot of time and actually produce bigger tax savings.
But how can you figure out if the standard deduction is right for
In the following video, Dan Caplinger, The Motley Fool's
director of investment planning, goes through the standard
deduction for 2013, noting that single filers get $6,100 this
year, married joint filers get $12,200, and those who file as
head of household get $8,950. Dan also points out that those who
are 65 or older or are blind get additional standard deductions
of $1,500 for single filers or $1,200 for married filers in 2013.
In deciding whether to take the standard deduction, many families
find that their itemized deductions are actually
than the standard deduction amount, making the standard deduction
a no-brainer. Yet even those whose itemized deductions exceed
their standard deduction for 2013 by a small amount can sometimes
choose the standard deduction to avoid recordkeeping and other
issues. As long as you don't cheat yourself out of a huge tax
benefit, taking the standard deduction makes taxes a whole lot
simpler than itemizing.
Why you need big deductions
The standard deduction is just one way you can fight tax
increases that took effect at the beginning of 2013 and
affected nearly every American taxpayer. With the right
planning, you can take further steps to take control of your
taxes and potentially even lower your tax bill. In our
brand-new special report "
How You Can Fight Back Against Higher Taxes
How You Can Fight Back Against Higher Taxes," The Motley Fool's
tax experts run through what to watch out for in doing your tax
planning this year. With its concrete advice on how to cut
taxes for decades to come, you won't want to miss out.
Click here to get your copy today -- it's absolutely free.
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