Should you itemize? - WTVM.com-Columbus, GA News Weather & Sports

ConsumerWatch

Should you itemize?

A tax tip from IRS.gov

Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year. Money paid for medical care, mortgage interest, taxes, charitable contributions, casualty losses and miscellaneous deductions can reduce your taxes. If the total amount spent on those categories is more than the standard deduction, you can usually benefit by itemizing.

The standard deduction amounts are based on your filing status and are subject to inflation adjustments each year. For 2007, they are:

Single:$5,350
Married Filing Jointly: $10,700
Head of Household:$7,850
Married Filing Separately: $5,350

  • Some taxpayers have different standard deductions. The standard deduction is more for taxpayers age 65 or older and for those who are blind. It is generally less for those who can be claimed as a dependent on some other taxpayer's return.
  • Limited itemized deductions. Your itemized deductions may be limited if your adjusted gross income is more than $156,400 or $78,200 for Married Filing Separately. This limit applies to all itemized deductions except medical and dental expenses, casualty and theft losses, gambling losses, and investment interest.
  • Married Filing Separately. When a married couple files separate returns and one spouse itemizes deductions, the other spouse must also itemize and cannot claim the standard deduction.
  • Some taxpayers are not eligible for the standard deduction. They include nonresident aliens, dual-status aliens, and individuals who file returns for periods of less than 12 months.
  • Forms to use. To itemize your deductions, use Form 1040, U.S. Individual Income Tax Return, and Schedule A, Itemized Deductions.

Remember that for the genuine IRS Web site be sure to use .gov.  Don't be confused by internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is http://www.irs.gov/.

Read More Tax Tips from the IRS
  • LocalMore>>

  • Columbus man files lawsuit against MCSD in 2016 hit and run involving school bus

    Columbus man files lawsuit against MCSD in 2016 hit and run involving school bus

    Saturday, August 18 2018 12:37 PM EDT2018-08-18 16:37:14 GMT
    A lawsuit filed against the MCSD claims a school bus driver hit two cars and left the scene. (Source: WTVM)A lawsuit filed against the MCSD claims a school bus driver hit two cars and left the scene. (Source: WTVM)

    A Columbus man is taking legal action against the Muscogee County School District in a hit and run accident that happened two years ago.

    More >>

    A Columbus man is taking legal action against the Muscogee County School District in a hit and run accident that happened two years ago.

    More >>
  • UPDATE: 2 dead 1 injured after a shooting at a single apartment in Auburn

    UPDATE: 2 dead 1 injured after a shooting at a single apartment in Auburn

    Saturday, August 18 2018 12:25 PM EDT2018-08-18 16:25:08 GMT
    Auburn Police Division are still investigating the incident.  (Source: AP Graphics)Auburn Police Division are still investigating the incident. (Source: AP Graphics)

    Saturday, Aug. 18 at approximately 3:45 a.m. Auburn Police responded to the 800 block of N. Donahue Dr. in reference to a shooting.  Upon arrival officers located three individuals that had been injured in an apartment.  One female was suffering from a minor injury, a male suffered a life-threatening injury, another male was dead at the time of arrival.  All injuries were a result of the shooting. The two victims were transported to East Alabama Medical Center for tr...

    More >>

    Saturday, Aug. 18 at approximately 3:45 a.m. Auburn Police responded to the 800 block of N. Donahue Dr. in reference to a shooting.  Upon arrival officers located three individuals that had been injured in an apartment.  One female was suffering from a minor injury, a male suffered a life-threatening injury, another male was dead at the time of arrival.  All injuries were a result of the shooting. The two victims were transported to East Alabama Medical Center for tr...

    More >>
  • Columbus man's arms to be amputated after mauled by pit bulls

    Columbus man's arms to be amputated after mauled by pit bulls

    Friday, August 17 2018 11:26 PM EDT2018-08-18 03:26:23 GMT
    A Columbus man is fighting for his life in the hospital after being attacked by three pit bulls. (Source: WTVM)A Columbus man is fighting for his life in the hospital after being attacked by three pit bulls. (Source: WTVM)
    A Columbus man is fighting for his life in the hospital after being attacked by three pit bulls. (Source: WTVM)A Columbus man is fighting for his life in the hospital after being attacked by three pit bulls. (Source: WTVM)

    A Columbus man has to have his arms amputated after being attacked by three pit bulls.

    More >>

    A Columbus man has to have his arms amputated after being attacked by three pit bulls.

    More >>
Powered by Frankly