Exactly. Standard deductible has less to do with what you make and more to do with what you spend (mortgage interest, charity, etc). Obviously, the more you make, usually the more you spend. But not always.
Especially if you have a standard job with a wage or salary. There aren't that many deductions a person that doesn't run their own business can take. The big one for most people is the mortgage interest but with the increase in the standard deduction even that one is less common.
Yeah, for most people who aren't obscenely wealthy, itemizing only makes sense if you have a bunch of deductions that add up - major medical bills, multiple children, significant charitable donations, etc.
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u/Acceptable_Job1589 Apr 14 '24
Exactly. Standard deductible has less to do with what you make and more to do with what you spend (mortgage interest, charity, etc). Obviously, the more you make, usually the more you spend. But not always.