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Tax Tip! TaxBreak 2008 from wchstv.com
Smart Ideas To Save You Time and Money on your Taxes

Whether to itemize, that is the question

For many taxpayers, the question whether to itemize is akin to a rite of passage. As our lives become more complicated financially, and ideally, as incomes rise, the option can become more attractive or beneficial.

There are some basic rules that apply to help answer the question.

If you had significant payments for medical care, charitable contributions, mortgage interest, taxes or other deductions, they can help reduce taxes when itemizing.

The total spent in these areas should add up to more than the standard deduction to achieve a benefit from filing the long form, the 1040 and Schedule A.

For this filing season, the standard deductions are $5,350 for single filers, $10,700 for married filing jointly.

For the head of household, the standard deduction is $7,850 this year, and $5,350 for married people filing separately.


More TaxBreak 2008
Get More Tax Tips You Can Use!


Common Tax Forms you can download as Adobe Acrobat (PDF) forms. The complete list of tax forms is available at www.irs.gov You can download a free Adobe Acrobat reader from Adobe

Form W-4 Employee's Withholding
Form 1040EZ Income Tax Return for Single and Joint Filers With No Dependents
Instructions for 1040EZ Instructions
Form 1040 U.S. Individual Income Tax Return
Instructions for 1040 (Tax Tables) Tax Table and Tax Rate Schedules
Instructions for 1040 (General Inst.) Instructions for Form 1040
Form 1040 (Schedule A&B) Itemized Deductions and Interest & Dividend Income
Instructions for 1040 (Schedule A&B) Instructions
Form 1040 (Schedule C) Profit or Loss from Business (Sole Proprietorship)
Instructions for 1040 (Schedule C) Instructions
Form 1040 (Schedule C-EZ) Net Profit from Business (Sole Proprietorship)
Form 1040 (Schedule D) Capital Gains and Losses
Instructions for 1040 (Schedule D) Instructions
Form 1040 (Schedule D-1) Continuation Sheet for Schedule D (Form 1040)
Form 1040 (Schedule E) Supplemental Income and Loss
Instructions for 1040 (Schedule E) Instructions
Form 1040 (Schedule EIC) Earned Income Credit
Form 1040 (Schedule F) Profit or Loss From Farming
Instructions for 1040 (Schedule F) Instructions
Form 1040 (Schedule H) Household Employment Taxes
Instructions for 1040 (Schedule H) Instructions
Form 1040 (Schedule J) Farm Income Averaging
Instructions for 1040 (Schedule J) Instructions
Form 1040 (Schedule R) Credit for the Elderly or the Disabled
Instructions for 1040 (Schedule R) Instructions
Form 1040 (Schedule SE) Self-Employment Tax
Instructions for 1040 (schedule SE) Instructions
Form 1040A U.S. Individual Income Tax Return
Instructions for 1040A Instructions
Form 1040A (Schedule 1) Interest and Ordinary Dividends for Form 1040A Filers
Form 1040A (Schedule 2) Child and Dependent Care Expenses for Form 1040A Filers
Form 1040A (Schedule 3) Credit for the Elderly or the Disabled for Form 1040A Filers
Instructions for 1040A (Schedule 3) Instructions
0696 Form 8332 Release of Claim to Exemption for Child of Divorced or Separated Parents


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