What Are the Major Categories of Itemized Deductions?
By Taxation Solutions, Inc. on 2016-03-04
If you choose not to take the standard deduction on your tax return, you'll need to itemize your deductions instead. But what expenses are eligible to be listed among your itemized deductions? The major categories are:
- Charitable contributions
- Medical expenses
- Business expenses (not reimbursed by your employer)
- Mortgage and investment interest
- Certain tax payments
When you contact Taxation Solutions, Inc. to discuss your tax problems, we'll be happy to advise you on which of your specific expenses can be deducted. Our tax help is designed to assist you in coming through tax season with the best possible outcome, and for standard tax returns, that means minimizing what you owe or maximizing your refund. Deductions are key in making that happen.
Dealing with back taxes for unfiled tax returns? We can assist you there, too. If there's a way to lower your outstanding tax liability, we'll find it. We specialize in tax resolution that pulls our individual and business clients out of all sorts of sticky situations.
Get started by calling us today to book your tax resolution services! We're Indianapolis's experienced choice for tax help that gets the job done right.