When you are filing for your tax return you want to see a check coming in from Uncle Sam, not the other way around. Itemizing your deductions can play a role in this, and while at times it may not be a significant difference, it can potentially keep you from owing money.
By choosing to itemize your deductions, you are trying to reduce your taxable income more than the standard. Keep a watchful eye on items that are applicable. There is also the option of using tax return software and consulting with an expert. The entire goal is not missing out on any type of deduction that you can claim.
If you had previous medical expenses that exceeded more than 10% of your gross income, you can take advantage of this. Also, if you are a student swamped with student loans, there is a chance that the IRS will grant you the ability to deduct your interest that you are paying from that loan. Depending on the type of loan that you have and the amount, this could turn out to be really beneficial. If you are a business owner, depending on the type of expenses that your business puts out, there is a possibility for deduction.
Itemizing your deductions can be a great way to potentially receiving a nice check in the mail. It’s important to remember to take what you can get and plan ahead for the future.
