Business Tax Recovery Logo


Tax Deduction Consulting: Itemizing Brigham City UT

Tax deductions are a very simple part of a theoretically simple tax reporting system. If you've ever prepared your own taxes, you know this simply isn't true. Complicated tax forms can be a nightmare to fill out. Ever helpful, the IRS gives you an option of just taking a standard deduction instead of itemizing your deductions. So, what should you do?

Mr. Gregory W. Williams (RFC®), CFP, CHFC, CLU, LUTCF, MSFS
(801) 453-2271
6340 South 3000 East, Suite 500
Salt Lake City, UT
Company
Exit Strategy Specialists, LLC
Qualifications
Years of Experience: 26
Membership
IARFC, MDRT, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Liberty Tax Service
(866) 871-1040
1132 E 3300 S
Salt Lake City, UT

Data Provided by:
H&R Block
(801) 733-0847
3438 BENGAL BLVD
SALT LAKE CITY, UT

Data Provided by:
H&R Block
(801) 495-4172
9151 S QUARRY BLVD
SANDY, UT

Data Provided by:
H&R Block
(801) 223-9766
1549 N STATE ST STE 102
OREM, UT

Data Provided by:
Mr. A. Wayne Margetts (RFC®), LUTCF
(801) 532-1871
175 S Main St, Ste 1050
Salt Lake City, UT
Company
LPL
Qualifications
Education: BSc (Math)MBA
Years of Experience: 16
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
H&R Block
(801) 255-3231
7065 S STATE ST
MIDVALE, UT

Data Provided by:
Gardner Tax & Accounting
(435) 656-8291
32 E 100 S, STE 202
St. George, UT
 
H&R Block
(801) 225-4018
738 S STATE
OREM, UT

Data Provided by:
H&R Block Premium
(801) 355-4649
888 S 200 E STE B
SALT LAKE CITY, UT

Data Provided by:
Data Provided by:

Tax Deduction Consulting: Itemizing

Itemize Tax Deductions

When you finally decide it is time to prepare your taxes, the first question is whether you should itemize tax deductions or take the standard deduction provided by the IRS.

Tax deductions are a very simple part of a theoretically simple tax reporting system. If you've ever prepared your own taxes, you know this simply isn't true. Complicated tax forms can be a nightmare to fill out. Ever helpful, the IRS gives you an option of just taking a standard deduction instead of itemizing your deductions. So, what should you do?

The standard deduction is the easiest method because it requires no calculations or supporting documentation of any sort. You figure out your adjusted gross income and simply submit the amount for your classification. The amount differs based on whether you are filing as single, married, older than 65 or have kids.

Many people scoff at the mere idea of taking the standard deduction. As with all tax issues, deciding whether to take the standard deduction isn't so easy. If you have a fairly simple financial life and don't have many deductions, the standard deduction is almost always the best choice. For instance, if you make $45,000 as an employee of a company, rent a residence and don't have any major medical bills or losses, the standard deduction is probably going to save you more money than itemizing. Unfortunately, you can never be sure until you take a stab at itemizing your deductions in a rough draft of a tax return.

Itemizing your deductions is exactly what it sounds like. You literally go through your records and categorize every possible deduction. These deductions are then subtracted from your adjusted gross income to get a final figure from which tax is determined using the tax tables. Itemizing is the way to go if you have significant tax deductions or tax credits in your financial life. For instance, you almost always want to itemize if you own a home as mortgage interest can be deducted. Generally, you...

Click here to read the rest of this article from BusinessTaxRecovery.com