Before then-President Donald Trump signed the 2017 tax law, roughly 30% of taxpayers itemized deductions. ![]() However, an estimated 90% of taxpayers choose to claim the standard deduction. Can Itemizing Save You Money?įor some people, itemizing reduces their tax bill more than claiming the standard deduction would. Same as with the standard deduction, itemizing reduces your taxable income. You must track the expenses, keep receipts or other documentation proving you spent the money for deductible purposes, and-if you’re doing taxes using paper and pen-fill out additional tax forms. But itemizing can be much more of a hassle than taking the standard deduction. You have a wide range of expenses you can claim as itemized deductions, including out-of-pocket medical expenses, state and local taxes, home mortgage interest and charitable contributions.
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