Taxes 101
Tax Credits And Deductions

Standard Deductions

The standard deduction amounts for 2015 are:Married filing jointly $12,600

Single $6,300

Head of household $9,250

Married filing separately $6,300

Itemized Deductions

Taxpayers that they can choose to claim the standard deduction, which means deducting a flat amount. Or they can itemize their deductions and subtract certain items and expenses on Schedule A. Itemized deductions include home mortgage interest and points paid in the year of a home purchase, medical and dental expenses, deductible taxes, interest expense, charitable contributions, employee business expenses, and other miscellaneous expenses.