How and What Can Be Itemized?

Question

My husband just filed our taxes over the weekend and year after year (We've been married almost 4yrs now and it's both our first marriages) that we should be itemizing and we'd get more money on our returns that way. I don't know what itemizing is or how to do it...can someone help or is there a site I can go to for answers. We have two girls, 3 and 1yr old. We have a home and pay prop taxes every year that is separately paid from our two monthly mortg. payments on our home we also have a 2005 mini van we bought used in '05 and are still making payments on it and a 92 isuzu trooper I paid off when I was single. My husband works and earns most of our income and I work on call only for a bank so that I'm able to stay at home and take care of our little ones. From all that information, please tell me, how do we start itemizing (like do I save reciepts for certain things to claim next year when filing again?) Or please let me know if there is a site I can visit for this info

Answer 1

Attached please find the IRS site and information on what and how to itemize your income tax deductions.

Answer 2

Download the instructions for 1040 schedule A, and a copy of the form, to see what can be itemized. You get a "standard deduction" of $10,300 if you file a joint return, so unless your eligible expenses add up to more than that, you would not itemize since you choose between standard and itemized, whichever is more.

If you have a house with a mortgage, you might have more in eligible expenses or might not. For a house, you get to deduct interest on your mortgage, and real estate taxes. You can also deduct charitable donations, and state and local taxes. If your state doesn't have an income tax, you can deduct sales tax instead. There are other itemized deductions, but those are the ones you probably have.

Answer 3

In order to file long form (itemize your deductions) you can deduct your mortgage interest, property taxes and supplementals, the vehicle license fee you pay to register your cars, any donations (cash or non-cash) that you give to a licensed charitable organization (churches, schools, salvation army, etc.), medical expenses paid out of pocket are deductible if they are over 7.5% of your Adjusted gross income, and unreimbursed work expenses are deductible if they are above 2% of your adjusted gross income.

Answer 4

Out of pocket medical expenses that exceed 7.5% of your adjusted gross income.
State and local Income taxes
Real Estate and Propery taxes
Home Mortgage Interest
Charitable contributions

You would compare your itemized deductions to the Standard Deduction (married filing joint is 10,300.00) and take which ever allows you to deduct the most

Publication 17

Answer 5

you can try this tax sight out, its called, taxact.com.com,i think you can file an amended form?but you can claim , earned income credit,child tax credit,for money you paid for someone to watch your kids while you worked,you-can claim the cost of insurance you paid,any proscriptions,or nonprescription,there's a phone tax credit that anyone who had long distance can qualify for a 50dollar credit,personal property tax, which is like what you paid for your license tabs,also tax preparers fee, and many more,there's also a free number to call IRS, they will answer any of your questions,i(1800)829-1040, good luck, it just took me 3 days to do my daughters, i take mine to a tax man

Answer 6

Download Schedule A from this link. It shows all itemized deductions.

http://www.irs.gov/formspubs/lists/0,,id=97817,00.html