When you finally decide it is time to prepare your taxes, the first question is whether you should itemize your deductions or take the standard deduction provided by the IRS.
Choices, Choices
Tax deductions are a very simple part of a theoretically simple tax reporting system. If youve ever prepared your own taxes, you know this simply isnt true. Complicated tax forms can be a nightmare to fill out. Ever helpful, the IRS gives you an option of just taking a standard deduction instead of itemizing your deductions. So, what should you do?
The standard deduction is the easiest method because it requires no calculations or supporting documentation of any sort. You figure out your adjusted gross income and simply submit the amount for your classification. The amount differs based on whether you are filing as single, married, older than 65 or have kids.
Many people scoff at the mere idea of taking the standard deduction. As with all tax issues, deciding whether to take the standard deduction isnt so easy. If you have a fairly simple financial life and dont have many deductions, the standard deduction is almost always the best choice. For instance, if you...
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