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Taxes: Should you itemize or not?

Published On: Jul 27 2013 05:37:37 PM CDT
Tax forms, taxes, money

iStock / peanut8481

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.