itemized tax deductions

Around tax time, many taxpayers struggle with whether it makes sense to itemize. The answer is almost always purely financial. In most cases, you will opt to itemize deductions if the total of those deductions is larger than your standard deduction. For the tax year 2010, the standard deduction...

Each year, taxpayers have the option of claiming the standard deduction or the itemized deduction. For the tax year 2010, the standard deduction remains unchangedat $5,700 for single taxpayers or for those married filing separately; it also remains unchanged for married taxpayers or qualifying...

Each year, taxpayers have the option of claiming the standard deduction or the itemized deduction. For the tax year 2009, the standard deduction for single taxpayers or for those married filing separately is $5,700; for married taxpayers or qualifying widow(er)s, the standard deduction is $11,400;...