Anyone itemize taxes? Considering a tax exempt contribution and curious if this is something I should look into

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Pretty much anyone that has a house (property taxes, mortgage interest) does.

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The real trump doesn't do/pay taxes...

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^yea that was a nice find, glad my kids are in public grade school now, private Catholic school pre school was killing me, more than my college tuition

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I itemize taxes because state / local taxes are deductible - as your salary goes up (and depending on where you live), the taxes on that is > standard deductible

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You can run the numbers yourself to see which is better...

I'm planning to do so for the first time this year. It is a ton of work to organize and stay on top of! If you come up with any tricks, please let me know!

It's not hard at all. Just keep receipts in a file folder, in Gmail or in layer. It's really quite easy.

Or on paper

Sure, it is easy, but adding all of them up and tracking them has taken hours upon hours. We have had around $10k of medical expenses this year so it is a lot of medical receipts

He does his taxes alright- he does them so well that he does not have to pay any. Not to get political, but he is seriously driving me nuts. I really hope that he does not start his own news network

Sometimes, I wish I would have picked a normal username. Sorry guys, no trump joke here. Just a general question about my taxes

When you say keep track of receipts, what kind of receipts do I need to keep track up? I rent, have a car note, and some student loans... Just to give you guys some background

I don't like H&R Block, but between their website and the IRS's, you can find a list of all possible deductions. It only makes sense to itemize if the amount of itemized expenses surpasses whatever your standard deduction is and you should also be able to find those numbers on those two websites

Op you work for one of the largest accounting firms in the world you can literally ask just about anyone you run into and they can assist you. Btw, rent, car loan, even health expenses ( unless they exceed an income percentage threshold) are not deductions, your main deductions are mortgage interest, prop tax, have a few kids, stock losses, tuition

^and yes a biggy is charitable types of thing like church donations, right off pre school tuition as well

Medical expenses have to surpass 10% of your income. Tuition and student loan deductions have ceilings and the policies are clearly outlined on the IRS website (believe it or not!)

EY1- smart about preschool! I'll remember that when the time comes

I can only imagine

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