Itemized Deductions

As you may know you get to take the greater of either The Standard Deduction ($10,700 Married Joint) or The Itemized Deduction. So what is an Itemized Deduction then? The most common deductions are:

• Out-Of-Pocket Medical Expenses (limited)
• Real Estate Taxes
• Sales Taxes (Florida has no Personal Income Tax)
• Home Mortgage Interest
• Charitable Contributions, and
• Non-Reimbursed Business Expenses

These are a few deductions. If the items above are more than $10,700 (Married Joint), then you can itemize. You should always get your tax preparer to check to see if you qualify for itemized deductions. If you would like to get a checklist you can take to your Tax Man, you can download a checklist from the "Forms" section of our website. You can always call if you have questions regarding itemized deductions.