Learn Whether Itemizing Your Deductions Will Help You Save This Tax Season

Tax season is here, and that can cause a lot of stress for people who fear they will owe. If you are getting ready to prepare your taxes, whether you do them on your own or have the help of a tax professional, you’ll be happy to know that there are a number of things that you will be able to deduct. Your tax burden will be much less when you itemize your deductions.

 

When you itemize, you will be able to deduct the amount of each deduction. Some of the common tax deductions include contributions to charity, property taxes, mortgage interest, state and local taxes, and even medical expenses if they are more than 7.5% of your adjusted gross total income. You will find a number of other items that you can itemize including supplies and tools for work, certain legal fees, union dues, and more.

 

Is it a good idea to itemize? It depends on the person. A way to determine if you should itemize is to list all of the items and determine how much you will be able to deduct from your taxes. Compare this to the amount that you would be able to deduct through a standard tax deduction. If the itemized amount is higher, as it often is, you should definitely itemize.

 

For those who have never had to do this before, it might be a good idea to use a tax professional to help you. Each year, tax laws change, and it is difficult for most people to keep up.

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