When life becomes more complicated, so do your taxes.
As you claim dependents, purchase a home, or are involved in a major loss or theft you can claim specific items on your taxes that will reduce your tax burden.
Other reasons such as owning your own small business, earning money in more than one state, or if you have investments or property that can be claimed as a loss then your taxes become slightly more difficult to file.
Most single people will file a Form 1040-EZ, but if you have any type of deduction that is greater than the standard deduction it may be best to file using a Form 1040.
So when should you itemize on your taxes? The following will provide some major reasons for itemizing.
[Read more…] about To Itemize or Take the Standard Deduction, That is the Question