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 $\$ 12,550$. You are married and filing separately, with deductible expenditures of $\$ 2140$ in allowed professional expenses, $\$ 7000$ in mortgage interest, and $\$ 2735$ in state and local taxes. You should for a savings of $\$$ in taxable income. (Simplify yoi claim the standard deduction itemize your deductions

Step 1 ：The problem is asking whether it would be more beneficial to itemize deductions or take the standard deduction. To answer this, we need to calculate the total amount of itemized deductions and compare it with the standard deduction. If the total itemized deductions is greater than the standard deduction, then it would be more beneficial to itemize deductions. Otherwise, taking the standard deduction would be more beneficial.

Step 2 ：Given that the standard deduction is \$12550, the deductible expenditures are \$2140 in allowed professional expenses, \$7000 in mortgage interest, and \$2735 in state and local taxes.

Step 3 ：Calculate the total amount of itemized deductions: \$2140 + \$7000 + \$2735 = \$11875.

Step 4 ：The total itemized deductions amount to \$11875, which is less than the standard deduction of \$12550.

Step 5 ：Therefore, it would be more beneficial to take the standard deduction. The savings would be the difference between the standard deduction and the total itemized deductions.

Step 6 ：Calculate the savings: \$12550 - \$11875 = \$675.

Step 7 ：Final Answer: You should \(\boxed{\text{take the standard deduction}}\) for a savings of \(\boxed{\$675}\) in taxable income.