To Itemize or not Itemize: 4 questions

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To Itemize or not Itemize: 4 questions -

To Itemize or Not to Itemize: 4 Questions to Ask Yourself - TaxACT

Have you detailed your tax deductions

In 09 ? Almost two thirds of taxfilers claimed the standard deduction, which for married couples filing jointly, was $ 11,400.

Those surveyed in this category, however, averaging a whopping $ 32,000 in deductions.

though you may not personally benefit increases that large it, AOS worth investigating.

To itemize your deductions requires diligent monitoring and accounting, but if you can increase your refund, it, AOS is well worth the effort.

1. Do you have the time?

Retailer your deductions takes time, especially if you aÌ, AOVE never done before.

Keep your receipts and related documents to back up all your deductions. Make sure that each is valid and that the evidence you, AOVE kept is bulletproof.

The last thing you want is for the IRS knocking on your door.

After your first year of retailer, if you file received and recorded in the same system in the following years, the process becomes much more effective.

2. Do you have a lot of medical expenses not reimbursed?

For the 2012 taxation year, you can deduct all unreimbursed medical expenses exceeding 7.5% of your adjusted gross income.

next year, this threshold to 10% jumps. If you don, AOT make many trips doctor or have to pay a lot of medical expenses out of pocket, retailer might not be good for you.

3. Are you the gift of a lot?

If you make a charitable donation to your local church or nonprofit, or donate items to Goodwill or the Army Hi, you can certainly get broken.

Do you enjoy your non-monetary gifts reasonably, keep accurate records, and be sure that all your donations to IRS-qualified charities.

4. Are you a homeowner?

The owners have a lucrative tax benefit at hand with the ability to deduct interest payments on their mortgage.

This is a particularly lucrative deduction for recent buyers because their monthly payments are weighted towards interest, as opposed to capital.

more, you may be able to deduct all the points you paid on your mortgage and your property taxes.

Final Thoughts

If you see a bit of a bargain because of your itemization, make sure you use your savings with caution.

Consider a retirement investment plan, fund education for your child, AOS, or even an emergency fund for your peace of mind.

Saving money on your taxes is great, but only if you put them back rewards work for you.

What are your thoughts on retailer?

photo credit: CarbonNYC via photopin cc

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