Want To Simplify Your Tax Filing?
A Standard Tax Deduction Can Make Filing Your Taxes Easier
If you are simply too busy with other tasks during tax season to gather up all of your receipts from 2014, you can still secure a tax deduction. The tax system allows you to deduct a flat rate—called a standard tax deduction—without any questions asked. These deductions can help make your tax filing process easier this year.
Standard deductions increase each year, in line with inflation. The government allows a standard deduction to ensure that every taxpayer has at least a portion of his or her income that is safeguarded from taxes.
The standard deduction you can claim will depend on the status under which you file. In 2014, if you are filing single, you can claim a standard deduction of $6,200. Married couples filing jointly can claim double that, or $12,400. If you are a head of household, meaning you are a sole individual who can claim dependents, you can claim $9,100 in 2014.
While filing a standard deduction may be easier, it could cost you on your tax return. If you paid mortgage interest or property taxes, gave a significant amount of money to charity, experienced uninsured loss, or paid hefty medical expenses this year, you may get a bigger check from the IRS if you itemize your deduction. It is worth your while to run the numbers to ensure you are getting the most from your tax returns this year.
Paired with competitively priced insurance coverage, claiming your standard deduction can help you protect your pocketbook in 2015. For the protection you need at the price you deserve, contact Remland Insurance Services in Orange, California. We serve Orange County and are here to ensure you are not left with a gap in your coverage or overpaying for your policy. Call us today!