Standard or Itemized deductions

liberalguy · 03-24-2005, 05:15 PM

In my highschool "economics and money" class, I have learned a lot about the best way to do your taxes. Some people just submit their income and select standard deductions without even checking to see if itemized deductions would save you more. I selected standard deductions considering I was living with my parents for some time but now I have a mortgage. Since I have a mortgage and other qualified deductions, itemized deductions is the way to go for me considering it saves me more than standard deductions now.

You guys pay close attention to your taxes??Pretty interesting stuff if you know what your doing. Well I'm just learning

RidinHighSpeeds · 03-24-2005, 07:07 PM

Learned about this stuff early in the semester. It's good to know how to manage your money and taxes. You can save thousands every year! These days you have software like Quicken that will basically make it simple to manage your finances. I've played around with the software but I'm going to wait for the day I start actually making some good money. haha

onthefence · 03-25-2005, 05:59 PM

Any of the tax software should walk you through that and then pick whichever way gives you the bigger return.

I've used turbo tax since 1999 and it's never steered me wrong. I used to have my cousin check them over (he's a CPA) and he never found anything it missed.