Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions.
If you qualify for a greater deduction by itemizing certain expenses, you should itemize your deductions. Four15 will help you uncover all of your itemized deductions and will compare that amount to your standard deduction to make sure you are using the method that gives you the greatest benefit.
With the recent passing of The Tax Cuts & Job Act of 2017, itemizing deductions could be tougher to come by. The most common reason for itemizing is home ownership, because home mortgage interest is deductible. For single tax-filers, the total mortgage interest plus the maximum $10k deduction for SALT & Property taxes most likely will exceed the standard deduction.
Other itemized deductions from the new tax bill include state and local income taxes (limited to $10k), large medical expenses and charitable contributions.
Setup an appointment with us to see which deductions you can take advantage of. More moolah in your pocket is always a good thing!
For years in New York, Eric was my loyal trusty tax guy, working around my hectic corporate schedule and making the annual tax filing process seamless for me. Then after moving to California, I didn’t know what would happen. Eric didn’t skip a beat, and now prepares my family’s taxes, all via email & phone calls. It’s so simple—right from the convenience of my living room!”
—L.J. Laguna Beach, CA