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Assuming I have met the threshold deductions, how can I

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Assuming I have met the...
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: 2 years ago.Category: Tax
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Answered in 4 minutes by:
2/1/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,860
Experience: Taxes, Immigration, Labor Relations
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That is based on your marginal tax bracket.
See here 2015 tax rate schedule

http://www.bankrate.com/finance/taxes/tax-brackets.aspx

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Tax Professional: Lev, Tax Advisor replied 2 years 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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If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all tax related issues.

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