The Itemized Deduction, Explained
Yoseph Shomer, CPA
CPA for all your business tax needs | Professional. Patient. Personal.
The people who typically choose to take the itemized deduction over the standard deduction are taxpayers with significant deductible expenses.
Examples:
? Homeowners with a mortgage,?
?Individuals with high medical expenses,
?People who have made significant charitable contributions?
Other itemized deductions:
??State and local taxes: You can deduct state and local income, sales, and property taxes up to a certain limit.
??Investment interest: You can deduct investment interest paid on loans used to purchase investments up to a certain limit.
??Casualty and theft losses: You can deduct losses from damage or theft of property not covered by insurance up to a certain limit.
It's important to keep detailed records of all itemized deductions to ensure you can support your deductions in the event of an IRS audit.
? Having a great accountant will ensure that you know what kind of deduction is best for you to take.
Have a question about this or a different tax-related matter? Feel free to reach out!