Decide whether you should itemize your deductions or take the standard deduction in the following case. State how much the better option will save you. Assume the standard deduction is $12 comma 550. You are married and filing separately, with deductible expenditures of $2420 in allowed professional expenses, $7800 in mortgage interest, and $2875 in state and local taxes. Question content area bottom Part 1 You should itemize your deductions claim the standard deduction for a savings of $ enter your response here in taxable income. (Simplify your answer.)