How do I itemize personal property taxes?

Personal property tax is deductible if it is a state or local tax that is: Charged on personal property. Based only on the value of the personal property. Charged on a yearly basis, even if it is collected more than once a year, or less than once a year. A tax that meets the above requirements can be considered charged on personal property even if it is for the exercise of a [...]

How do I itemize job expenses?

Miscellaneous itemized deductions suspended. The previous deduction for job-related expenses or other miscellaneous itemized deductions that exceeded 2 percent of your adjusted gross income is suspended. This includes unreimbursed employee expenses such as uniforms, union dues and the deduction for business-related meals, entertainment and travel, as well as any deductions you may have previously [...]

How do I know if I should itemize my deductions?

You would want to itemize if the total of your deductions is a larger dollar figure than the standard deduction. Your standard deduction is determined by which filing status you use. Our program will determine through a series of questions if itemizing is to your benefit. Please Note: When your filing status is "Married Filing Separate," if one spouse itemizes their deductions, it is required [...]

What is the Alternative Minimum Tax?

The tax law gives preferential treatment to some kinds of income and allows special deductions and credits for some kinds of expenses. Taxpayers who benefit from these provisions of the law may have to pay an additional tax called the alternative minimum tax. It is a separate tax computation that, in effect, eliminates many deductions and credits and creates a tax liability for an individual who [...]

I did not receive a 1098 but I have mortgage interest. How do I claim it?

We will fill in the appropriate information for you based on the data you provide during the interview. On the deductions page, go to the "interest you paid", you will be asked to report the amount not reported on the form 1098. Home mortgage interest that was not reported to you on Form 1098 will be deducted on line 8b of Schedule A (Form 1040). If you paid home mortgage interest to the person [...]