Question: 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.

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 $12,550.
Your filing status is single. Your deductible expenditures are $6700 for interest on a home mortgage, $2300 for contributions to charity, and $2515 for state and local taxes.
You should for a savings of $ in taxable income.
(Simplify yoi
claim the standard deduction
itemize your deductions
Decide whether you should itemize your deductions or take the standard

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