When searching for ways to reduce your taxable income, itemizing your deductions can really maximize your tax savings. The benefit of itemizing is that it allows you to claim a larger deduction than the standard deduction. However, it requires you to complete a Schedule A attachment to your return and to maintain records of all your expenses.
In order to claim itemized deductions, you must file your income taxes using Form 1040 and list your itemized deductions on Schedule A. You cannot file your taxes using Forms 1040A or 1040EZ if you want to itemize your deductions; only the standard deduction can be taken on these shorter forms.
Follow the instructions below to correctly enter the Schedule A Itemized Deductions:
1. Click "Add Form"
2. Type the correct form into the search box (A), and select the SCH A Itemized Deductions
need more help, watch our quick video below...