We were able to itemize our taxes this year for the first time. What types of things should we be doing?

Question

to ensure a refund next year?

Answer 1

You can never ensure a refund. Obviously if you have the maximum withholding on your wages, you will be more likely to receive a refund than if you had less withholding.

You can itemize the following deductions:
medical expenses - in excess of 7.5% of AGI
mortgage interest
real estate taxes
state and local income taxes
charitable contributions
investment interest
miscellaneous deductions - in excess of 2% of AGI (this includes unreimbursed employee expenses, tax prep fees, union dues, etc)

You can read more about itemized deductions at www.irs.gov
http://www.irs.gov/taxtopics/tc500.html

Answer 2

tma is correct except that tax prep fees are not subject to the 2% floor that she mentions. It's just a regular itemizeable expense. She also didn't mention that personal property tax is deductible. This may include a portion of your vehicle registration fees, specifically the "vehicle license fees." Check your registration statement. It will usually say how much is deductible. Another thing that is deductible is any mileage you incur in connection with the performance of any volunteer activities for a charitable institution. It doesn't matter if you actually enjoy your volunteer duties; the mileage is still deductible. If you have to purchase your own supplies and/or uniforms in connection with the volunteer duties, that is also tax deductible. If you incur any casualty loss or theft, any part that is unreimbursed may be deductible. The most important thing is to document everything. Keep clear and accurate records of everything, including mileage, and keep receipts for anything that may be tax deductible. Do not reduce your withholdings on your W4 unless you are certain enough tax will still be withheld from your wages. Best of luck!

Answer 3

The only way to get a refund is to have more taken out than you end up owing. The refund gives you back your overpayment.

Ask your employer to take and extra $100 a week out of your paycheck. That should do it - you'll get the overpayment refunded at the end of the year. Are you sure that's really what you want to do?