الاستقطاع المفصل هو عملية نشر البيانات المتعلقة بفئات معينة من الأصول أو النفقات في نموذج محاسبي معين. يُستخدم الاستقطاع المفصل لتحليل الأداء المالي بشكل أكثر دقة، حيث يسمح للمحاسبين والمديرين بفهم التفاصيل الكامنة وراء الأرقام الإجمالية. من خلال هذا الاستقطاع، يمكن تحديد مصادر الإيرادات والنفقات بدقة، مما يساعد في صنع قرارات مالية مستنيرة. يمكن أن يتضمن الاستقطاع المفصل تحليلاً للفئات المختلفة مثل المبيعات حسب المنتج أو الخدمات، أو النفقات حسب النوع أو القسم، مما يوفر رؤية شاملة حول كيفية توزيع الموارد وكيف يمكن تحسين الكفاءة والأداء.

The itemized deduction is a tax-deductible expense that you paid during the tax year. Only specific expenses that are outlined by the Internal Revenue Service can be deducted.

How does the itemized deduction work?

When filing your tax return, you have the option to take the standard deduction or to itemize your expenses for the year. The itemized deduction allows you to sum up your eligible expenses.

Both the standard deduction and the total itemized deduction reduce the amount on which you must pay federal income tax. You can claim the standard deduction, or you can itemize the individual expenses that qualify for deduction – line by line – but you cannot do both. It is best to choose the option that reduces your taxable income the most.

The standard deduction is the simplest solution: a set amount based on your filing status (such as single or married). The Tax Cuts and Jobs Act (TCJA) nearly doubled the standard deduction when it took effect in January 2018.

As of the 2022 tax year (returns filed in 2023), the standard deduction is $12,950 for single individuals and for those who are married but filing separately. This rises to $25,900 if you are married and filing jointly with your spouse, or if you are a qualifying widow or widower with a dependent child. It is $19,400 if you qualify for head of household status.

Note: While you cannot claim the standard deduction and itemize other expenses in the same tax year, you can change your choice from year to year, allowing you to itemize in one year and then claim the standard deduction the next year.

Most taxpayers were claiming the standard deduction even before the TCJA, which also made some changes to certain itemized deductions by setting limits on them, where they were previously unlimited. Other itemized deductions were completely eliminated.

Types of itemized deductions

Itemizing involves reporting your expenses for specific categories of allowable deductions, adding them all up, and then entering this total on your tax return. The total itemized deduction is subtracted from your gross income to reduce your taxable income.

If you plan to itemize, you should keep track of your qualifying expenses throughout the year. Retain receipts and other documentation to prove these expenses are legitimate in case the IRS requests them from you. Documentation can include bank statements, pay stubs, property tax statements, insurance bills, medical bills, and acknowledgment letters for charitable donations.

Generally, you can claim itemized deductions in the following categories:

• Medical and dental expenses
• Local and state income taxes
• Property taxes and personal property taxes
• Mortgage interest on loans up to $750,000
• Charitable contributions
• Casualty and theft losses

Do I need to itemize my expenses?

It is beneficial for you to itemize when the total of all your individual deductions exceeds the standard deduction for your filing status. Otherwise, it won’t make sense – you will be paying tax on more income than you should.

For example, you would be better off if you had total itemized deductions of $13,500 in 2022. This would reduce your taxable income by an additional $500, because the standard deduction is $12,950.

But if you qualify for the deduction as head of household and instead choose to itemize, you will end up paying tax on an additional $5,900 – the difference between $13,500 in itemized deductions and the standard capital deduction for head of household of $19,400.

Sometimes, the decision between itemizing expenses or claiming the standard deduction may be out of your hands. Married couples filing separately must use the same method. Both must either choose the standard deduction, or both must itemize their deductions.

Note:

Non-resident taxpayers must also itemize their deductions as they are not eligible to claim the standard deduction.

Frequently Asked Questions

What is the difference between the standard deduction and itemized deductions?

The standard deduction and itemized deductions are two ways to reduce your tax bill. The standard deduction is based on your income, tax filing status, age, and other factors and can change each year. Itemized deductions can be used if you cannot claim the standard deduction, or if the standard deduction is limited, or if you have specific expenses. For example, you can itemize expenses such as medical bills, local and state property taxes, or mortgage interest payments.

When is itemizing more beneficial than taking the standard deduction?

According to the IRS, there are several scenarios where itemizing deductions may be more beneficial than taking the standard deduction. These include situations where you cannot claim the standard deduction or the standard deduction is limited, you have significant unreimbursed medical or dental expenses, you’ve paid mortgage interest and property taxes, you’ve experienced losses due to disasters or theft, or you’ve made qualified charitable donations.

Source: https://www.thebalancemoney.com/itemized-deductions-3192880