Tax Deduction Calculator
Compare standard deductions vs itemized deductions to determine which strategy maximizes your tax savings for 2026.
Enter Your Filing Status & Deduction Details
Deduction Strategy Comparison
Understanding Tax Deductions
Tax deductions reduce your taxable income, which lowers the amount of tax you owe. You have two options: take the standard deduction or itemize your deductions.
Standard Deduction
The standard deduction is a fixed amount set by the IRS that you can subtract from your income without needing to track specific expenses. For 2026, the standard deduction amounts are: Single: $14,600, Married Filing Jointly: $29,200, Head of Household: $21,900.
Itemized Deductions
Itemized deductions allow you to deduct specific expenses you incurred during the year. Common itemized deductions include: Mortgage interest on primary residence, State and local taxes (capped at $10,000), Charitable contributions, Medical expenses (exceeding 7.5% of AGI).
Which Strategy Should You Choose?
Choose the option that provides the larger deduction amount. Most taxpayers benefit from the standard deduction, but homeowners with large mortgages, high-income earners in high-tax states, and generous donors may benefit from itemizing.
Example Cases
Calculation Methodology
Standard deduction amounts are based on 2026 IRS guidelines. State and local taxes are capped at $10,000 for itemized deductions. Medical expenses are deductible only if they exceed 7.5% of adjusted gross income.