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While anyone can itemize deductions, it may not save you the most money on your taxes. Each taxpayer will either claim the standard deduction based on their filing status or itemized deductions, whichever is higher. Many times, even if you have certain itemized deductions, it’s still doesn’t add up to more than your standard deduction.
Some tax breaks are only available if you itemize deductions, such as tax breaks for charitable donations, mortgage interest, property taxes and unreimbursed business expenses. Schedule A is used to report itemized deductions. There are other deductions that don’t require you to itemize (student loan interest and educator expenses, for example), so you could claim those deductions and still use the standard deduction for your filing status.
If you file with 1040.com, we’ll automatically calculate the standard deduction and itemized deductions to see which is the best option for your tax situation.