Should You Take the Standard Deduction on Your Tax Return?

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.8 • 1.6K Ratings

🗓️ 18 January 2024

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

Taxpayers filing their returns will have to decide whether to itemize their deductions or take the standard deduction, depending on their personal finances. Wall Street Journal reporter Laura Saunders joins host J.R. Whalen to discuss the financial implications of each. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:30.1	Here's your money briefing for Thursday, January 18th. I'm J.R. Whelan for the Wall Street Journal.
0:38.2	January 29th marks the start of the tax filing season and as people crunch
0:46.4	their numbers they'll face the question should I itemize my deductions or take
0:51.3	the standard deduction?
0:53.0	Maybe they don't have a lot of state taxes to deduct or they don't own a house with a big mortgage
0:58.0	or they've paid off the mortgage.
1:00.0	So in many cases, the standard deduction could be a better deal than itemizing your
1:06.6	deductions on Schedule A.
1:08.7	It could not only be a better deal, it could be less trouble.
1:11.7	We'll talk to Wall Street Journal reporter Laura Saunders, after the break. This episode is brought to you by Shopify.
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