Information on Itemized Tax Deductions
IRS Update: IRS is delaying processing of Scedule A Form due to Congress Law changes
until February 14th 11:00AM.
When it comes to reducing your income tax liability, itemizing deductions may be the way to go. When we say Itemized deductions, we mean deductions from a taxpayer's taxable adjusted gross income that is made up of deductions for money spent on certain goods and services throughout the year. The specific deductions that are allowed are outlined by the Internal Revenue Service and include such expenses as mortgage interest, state and local taxes, gifts and medical expenses.
Some things to keep in mind when deciding whether or not you should itemize your deductions:
Be sure you exceed the standard deduction given by the IRS. This is based on your filing status. Make sure your medical expenses are greater than 7.5% of your AGI (adjusted gross income) Be sure to obtain receipts for any charitable contribution (cash or non cash) over $500 Be sure to keep all receipts for tools purchased that were not reimbursed by your employer
Your mortgage interest, points, and property taxes are usually the biggest deduction
We will look at your life style and determine the best proper way to file your taxes.
For a complete list of tax deductions will visit
www.IRS.gov or call us on
(817) WAGE-
TAX (924-3829)