Itemized Income Tax Deductions, Should You Itemize Your Taxes?
In order to make the decision whether to take the standard tax deduction or to itemize, you should figure your taxes both ways. Itemized and standard tax deductions. Once you have this amount, you can then decide whether to take the standard deduction or to itemize depending on which one allows you to pay less tax.
Who Should Itemize? - You may be forced to itemize if you and your spouse file separately and your spouse itemizes, if you file a return because you have had a change in your annual accounting period, or if you are a non resident of the United States.
Some of the deductions that can be overlooked by taking the standard deduction are:
- Deductions for Owning a Home
- State & Local Taxes
- Donations
- Deductable Medical Expenses
- Tools for Work
- Tax Preparation
- Union Dues
If you do not feel that some of these deductions will apply to you, and you will not benefit from these types of deductions, then taking the standard tax deduction may be simpler and much faster for you. Also if your total in deductions does not meet the standard deduction then you should not itemize. These figures may help you decide if you should itemize or not.
Standard Deductions
Single – $5,350.00 Married or Filing Jointly – $10,700.00 Head of Household – $7,850.00
Other factors may increase your standard deduction as well depending on your age, your spouseʼs age or if you are blind. If you and your spouse are older than 65 than you can get an additional $2,000.00 on your standard deductions. A good way to find more tax deductions is to use TurboTax Online tax preparation software.
TurboTax Online offers free tax calculators and tax maximizers to help you make the decision whether or not to itemize. TurboTax will guide you through the process and can determine if you will have a greater savings by itemizing. Learn more about Itemized Income Tax Deductions and if you should itemize tax deductions.
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