Taxation

Taxes: Should you itemize or not?

Mortgage interest can help reduce taxes when...

For many taxpayers, the question whether to itemize is akin to a rite of passage. As our lives become more complicated financially, and ideally, as incomes rise, the option can become more attractive or beneficial.

There are some basic rules that apply to help answer the question.

If you had significant payments for medical care, charitable contributions, mortgage interest, taxes or other deductions, they can help reduce taxes when itemizing.

The total spent in these areas should add up to more than the standard deduction to achieve a benefit from filing the long form, the 1040 and Schedule A.


comments powered by Disqus

Must See Videos

  • Citizen nabs suspect sought by Fremont County authorities
  • Man arrested for Colorado Springs home explosion
  • Indonesian volcano shoots column of ash into sky
  • Palmer HS student talks importance of Safe2Tell app