Should you itemize or take a standard deduction on your tax return? Here's what to know

When you're doing your taxes, it can sometimes be hard to know whether to itemize or take the standard deduction. Tax pros say itemizing generally only makes sense if your itemized deductions together add up to more than the current standard deduction. The three biggest potential deductions for most people are mortgage interest, charitable donations in cash or in property, and eligible state and local taxes. In some cases, like student loan interest, you can claim a deduction even without itemizing.