Category Archives: Itemized Deductions

Are itemized deductions worth the effort?

Knowing the difference between the standard and itemized deduction might save you a lot of time and trouble, and some taxes to boot. The IRS gives taxpayers a choice of using the standard deduction or an itemized list of qualified deductions to calculate their taxable income. For taxpayers with large mortgages or charitable donations, it’s a no-brainer; they come out… (more…)

Summertime tax tip

If you itemize your deductions, you can deduct the mortgage interest and property taxes paid for your vacation home. A boat or RV can qualify as a vacation home if it has sleeping quarters, cooking facilities, and a bathroom. If a retreat also serves as rental property, you can control your tax deductions by changing the number of days you… (more…)