Should I Itemize My Taxes? Itemized Income Tax Deductions
In the rush of tax season many individuals decide to just take the standard deduction rather than to itemize. If you take the time to look at your situation, you may see that itemizing will save you money on your taxes. There are many different deductions that may save you money which are not included in your standard deductions.
For example, if you own a home you may be able to deduct your mortgage interest or your private mortgage insurance. This may not apply if your income exceeds certain levels but is definitely worth taking the time to review. You may also itemize your health insurance premiums if you are not already paying them pre-tax. These are just a couple of the many things to consider when deciding whether you should itemize or not.
There are also many different miscellaneous tax deductions that are often overlooked. Many individuals are not aware that they may deduct the actual cost of preparing their taxes.
Itemizing can seem overwhelming for many, especially if you are preparing your taxes yourself, but you may want to consider using tax software such as Turbo Tax to assist you in the process.
If you are looking for a fast and simple way to itemize try TurboTax. TurboTax is free to use and there is no charge unless you decide to use their services to file or print your taxes.
To learn more about itemizing please visit TurboTax Online. Once you are there you will find all the necessary programs to assist you in itemizing