April is almost here and that means taxes are due soon. If you still need to file your return, don't worry; you might be able to use this time to review your finances and decide if itemizing your deductions this year will net you a better deal. It could be the difference between owing Uncle Sam and getting a refund from him.
Basically, when you decide whether to itemize deductions, you're gauging whether doing so would allow you to reduce your taxable income by more than taking the standard deduction. For those filing 2014 taxes, the current standard deductions are:
If you have an eagle eye, you can identify all the deductions you might qualify for yourself, or go with other options like using tax preparation software, a tax preparation office, or even an independent CPA for another pair of eyes to make sure you don't miss a deduction.
What kind of deductions should you look out for? Here are a couple of big deductions you might be able to claim:
Keep reading: 49 Special Tax Deductions You Don't Know About