Originally Posted by ZB4:
I have a question (probably foolish/ obvious to others😌
for this coming year. I was wondering why with the new standard deduction do I need to continue itemizing deductions? I have less than the 24k we're allowed for the standard deduction we're eligible for so itemizing wouldn't make sense. And if we don't itemize is there any reason to keep all these receipts?!
Many more providers will take the standard deduction and no longer itemize under the new tax laws. If so, there is no reason to keep receipts for medical expenses, charitable contributions, etc. Since you can still deduct the business portion of property tax and mortgage interest as a business expense on IRS Form 8829, save those receipts.