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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29558
Experience:  Taxes, Immigration, Labor Relations
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Assuming I have met the threshold deductions, how can I

Customer Question

Assuming I have met the threshold for itemizing deductions, how can I determine (or estimate) the value of each additional dollar of deductible expense? I need to decide it is worthwhile to bother with getting a new copy of a lost receipt, etc.
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

That is based on your marginal tax bracket.
See here 2015 tax rate schedule

Expert:  Lev replied 1 year ago.

For instance - if you are Single and your taxable income (after deductions) is $40,000 - you are in 25% tax bracket (from $37,451 to $90,750) - and every additional dollar in deductions will reduce your tax liability by 25 cents.

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