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The 2022 standard deduction is $12,950 for single filers and those married filing separately, $25,900 for joint filers, and $19,400 for heads of household.

Itemized deductions are specific types of expenses the taxpayer incurred that may reduce taxable income. Types of itemized deductions include mortgage interest, state or local income taxes, property taxes, medical or dental expenses in excess of AGI limits, or charitable donations.

You can fully deduct small tools with a useful life of less than one year. Deduct them the year you buy them. However, if the tools have a useful life of more than one year, you must depreciate them. You can usually depreciate tools over a seven-year recovery period or use the Section 179 expense deduction.

Here's what it boils down to: If your standard deduction is less than your itemized deductions, you probably should itemize. If your standard deduction is more than your itemized deductions, it might be worth it to take the standard deduction and save some time.

If you itemize, you can deduct a part of your medical and dental expenses, and amounts you paid for certain taxes, interest, contributions, and other expenses. You can also deduct certain casualty and theft losses. If you and your spouse paid expenses jointly and are filing separate returns for 2022, see Pub.

The standard deduction is the better deal for most taxpayers and will result in a lower tax bill. However, if you had a certain life event or unexpected expense occur in 2022, such as a large medical bill or purchasing a home, itemizing your deductions instead could save you more money.

You can deduct on Schedule A (Form 1040) only the part of your medical and dental expenses that is more than 7.5% of your adjusted gross income (AGI). This publication also explains how to treat impairment-related work expenses and health insurance premiums if you are self-employed.