How Much Is the Standard Deduction and Should I Take It on My Tax Return?

When it comes to filing your taxes, one of the first big decisions to make is whether you will be taking the standard deduction or itemizing your deductions.

Taxpayers taking the standard deduction don’t get a specific tax break for having mortgage interest, state and local taxes, or making charitable contributions. That likely affects someone’s decisions about making donations or owning a home, among other things during tax season and beyond.