How can I itemize deductions on my taxes?

How can I itemize deductions on my taxes?

To itemize deductions, you'll need to list eligible expenses on Schedule A of your tax return. Common deductions include mortgage interest, property taxes, and medical expenses.

What expenses can I include as itemized deductions?

You can include expenses like medical costs, state and local taxes, mortgage interest, charitable contributions, and certain unreimbursed business expenses.

Are there limits on how much I can deduct?

Yes, some deductions have limits. For example, medical expenses must exceed 7.5% of your adjusted gross income to be deductible.

Should I itemize or take the standard deduction?

It depends on your situation. If your itemized deductions exceed the standard deduction amount, it’s usually beneficial to itemize.

How do I keep track of my deductions throughout the year?

You can keep track by maintaining organized records of your expenses, using apps, or spreadsheets to log your deductions as they occur.