Comment on Tax time
EatYouWell@lemmy.world 7 months agoIf your itemized deductions are higher than your standardized deduction, you’re likely in a fairly high income bracket and can have a professional do it for you.
Comment on Tax time
EatYouWell@lemmy.world 7 months agoIf your itemized deductions are higher than your standardized deduction, you’re likely in a fairly high income bracket and can have a professional do it for you.
Thrashy@lemmy.world 7 months ago
Yeah… My wife and I together make six figures a year (if only just barely), own a home with a mortgage, and have a kid, and I’ve *never *had the itemized deduction exceed the standardized deduction. I think you’ve either got to specifically structure your financial life around taking deductions, or make “'It’s one banana, what could it cost” money to have itemized deductions make any sense, at which point, why are you complaining about the cost of tax prep anyway? A tax accountant doesn’t cost that much.
HubertManne@kbin.social 7 months ago
itemized was more than standardized before the bush tax cuts for me.
Sarmyth@lemmy.blahaj.zone 7 months ago
Interesting. The interest from my mortgage payments and property taxes take me above the standard deduction alone, then I have work expenses as well.
EatYouWell@lemmy.world 7 months ago
Yup, my income is solidly upper middle class, and my experience matches yours.