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Tag Archive for Itemize All Your Expenses

You Could Be A Big Loser If You Don’t Itemize All Your Expenses

The government affords all taxpayers a standard deduction from their incomes. This deduction naturally decreases your taxable income, and the amount you are entitled to, is based on your filing status. However, if your total eligible deductible expenses exceed the standard deduction amount, you may be allowed to itemize your deductions. Also, you must itemize if you do not qualify for the standard deduction. Itemized deductions are comprised of certain eligible expenses that individual taxpayers in the United States can report on their federal income tax returns in order to decrease their taxable income. Most taxpayers are allowed a choice between the itemized deductions and the standard deduction.

To claim your itemized deductions, you must complete Schedule A, Itemized Deductions. Read more