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How Do You Do Your Taxes? Itemize or Standard Deductions?

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limitgov Posted: Thu, Nov 29 2012 11:51 AM

My wife and I have always used stadard deductions using someting like turbo tax.

For most families with kids that make under $100,000 and don't own any businesses, is it better to itemize?  Can you keep more of your money that way?  Or is it just better to take the standard deductions?

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Lady Saiga replied on Thu, Nov 29 2012 12:01 PM

Depends what you've got on your taxes.  I'm no accountant, so I like to use a program that will advise me which option will be better; if you're claiming any interest on home loans, school loans, etc., I imagine it'd usually be better to itemize.  Itemizing has been better for me since we bought a house.

I use HR Block's online thingy.  There might be better ones, it's just the program I'm used to.

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Prime replied on Thu, Nov 29 2012 12:09 PM

I use Turbo Tax as well. That quesiton can't be answered, of course, without knowing your finances. It's simply a mathematical question. I will say, though, that I have probably missed a few deductions using Turbo Tax that I later realized I could have taken. For instance, writing off an iPad that is used at the hospital, or 1/3 of a cell phone bill if you are on call every 3rd weekend. For me, itemizing has always been better and I don't even own a house.

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