What deductions can I take?

When filing taxes in Washington, you may be eligible to take deductions which reduce the amount of taxable income you will have to pay taxes on. Generally, deductions can be classified into two categories: standard deductions and itemized deductions. Standard deductions are a simplified way of reducing taxable income. When you take a standard deduction, you are given a flat rate of deduction based on your filing status. For example, in 2020, the standard deduction for a single filer in Washington is $12,400. Itemized deductions are more detailed, and allow you to take deductions for certain expenses you have paid out-of-pocket during the year, such as charitable donations and medical expenses. In Washington, you may also take deductions for state and local taxes, mortgage interest, and other investment costs. If your itemized deductions total more than your standard deduction, then it is usually better to itemize them. However, it is important to calculate your taxes with both options to determine which one is most beneficial for your unique financial circumstances.

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What deductions can I take?

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