CHICOPEE, Mass. (WWLP) – Itemizing your taxes can be a great way to lower your taxable income and get a bigger refund, but it’s not appropriate for everybody.
Deductions you should look out for include mortgage interest, medical expenses, job hunting costs, student loans and home office expenses. If one or several of those deductions applies to you, it might be better to itemize.
Claiming just the standard deduction will lower your taxable income by $6,200 for single filers or $12,400 for married couples.
“Itemizing is basically breaking down clothing if you do types of traveling and breaking down everything for taxes. Different exemptions and stuff,” said Brett Civetti of Chicopee.
One thing to keep in mind; only deduct what the tax laws allow. Claiming something that you shouldn’t through itemized deductions can increase your risk of an audit.