Tax Tips

If you are itemizing:

Rule 1: Save your receipts

Also save: Charitable receipts, property tax bills

Among items you can deduct: car expenses (if used for work), closing costs, student loan interest, certain dental and medical expenses (but not if already reimbursed by a flex spending account at work), gifts to charity, local income or sales tax, real estate taxes, personal property taxes, and mortgage interest (a biggie).

Should I itemize? Ask the IRS.

In general you would benefit if your itemized deductions are more than the amount shown below:

Single, under 65: $5,350
Married filing jointly (under 65): $10,700
Married filing separately (under 65) and if your spouse itemizes deductions: $0
Head of household: $7,850
Quaifying widow(er) with dependent child (under 65): $10,700

More at the IRS