When you file your taxes, you are going to have to decide if you want to itemize your deductions or not. Every person gets a standard deduction, and itemizing is an alternative to taking the standard deduction. If you itemize, then you can take advantage of tax benefits like mortgage interest deductions and student loan deductions. However, your taxes become more complicated. Not only that, but it may not be worth it for you to itemize your deductions if the amount of money you would get back on your taxes is less than you would get back if you simply took the standard deduction.
Deciding whether to itemize your income tax deductions or not is just one of many complicated issues that you face when it comes to completing your tax return. An experienced tax professional at Brennan Tax can help you to make this choice. We will review all of your financial information and potential deductions and help you to take the most strategic approach so you get the maximum back and reduce your taxes as much as possible.