Are other tax deductions still possible if you take the Standard Deduction?
When taking the standard deduction of $24,400, are there other deductions possible? I am trying to figure out which tax form to file for 2019.
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Taking the Standard Deduction does not eliminate all other deductions, but it does eliminate many of the most talked about deductions. The Standard Deduction can be take instead of taking Itemized Deductions from Schedule A, but there are plenty of other deductions and tax credits which are available.
Commonly Available Deductions & Credits
Examples of deductions still available when claiming the Standard Deduction include contributions to retirement accounts, contributions to Health Savings Accounts, and qualified student loan interest. Additionally, if you have income as a business owner (or are self employed), then you open up a massive number of other deductions still available while taking the Standard Deduction. Many tax credit are also available, if you qualify; including the child tax credit, the earned income tax credit, and education credits.
Getting Professional Help
I highly recommend engaging a qualified tax professional, such as a CPA, to assist you with your taxes. Many people cost themselves thousands of dollars from overpaying taxes in an attempt to save a few hundred dollars when filing taxes. If your financial situation is more complex, you should also consider working with a fiduciary & fee-only financial advisor. Forward-looking tax planning with a qualified advisor can significantly lower your multi-decade tax liability.