Should i itemize taxes&itemize income tax deductions?

Answer On One Hand: Itemizing Allows More DeductionsTaxpayers who itemize income tax deductions are allowed to use every relevant legal deduction. Specifically, payments for mortgage interest, unreimburse... Read More »

Top Q&A For: Should i itemize taxes&itemize income tax deduc...

Does an individual have to itemize his or her income tax deductions?

On One Hand: Some Taxpayers Must Itemize DeductionsThe Internal Revenue Service (IRS) only requires persons to itemize deductions if they are married and filing separately from a spouse who is item... Read More »

What does it mean to itemize deductions?

Itemizing your deductions means that you are forgoing the standard deduction so that you can claim itemized deductions, such as the mortgage interest deduction, medical expenses deduction, state an... Read More »

How to Itemize Deductions?

When preparing federal income tax returns, a taxpayer may choose to itemize deductions or take his or her standard deduction, which in 2010 was $5,700 for single or married-filing-single filers, $1... Read More »

What can you itemize for deductions?

The Internal Revenue Service divides tax deductions into two categories: adjustments to income and itemized deductions. To claim itemized deductions, you must file schedule A.Interest ExpensesIf yo... Read More »