You also need to maintain supporting documentation, such as receipts bank statements medical bills acknowledgment letters from charitable organizations and tax documents reporting the mortgage interest, real estate taxes, and state income taxes you paid during the year.
To itemize, you need to keep track of what you spent during the year on deductible expenses like out-of-pocket medical expenses and charitable donations. itemized deductionsĬlaiming the standard deduction is certainly easier. As you prepare to file your next tax return, should you do the same? Standard deduction vs. Nearly 90% of taxpayers claim the standard deduction vs.
For information on the third coronavirus relief package, please visit our “ American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post.
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