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Tax Deduction Consulting: Itemizing Juneau AK

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?

Logan General Tax Practice
(907) 789-3894
2245 Jordan Ave
Juneau, AK
 
H&R Block
(907) 789-9898
3017 CLINTON drSTE 100
JUNEAU, AK

Data Provided by:
Mr. Micah Vincent Shilanski (RFC®), CFP, CSA
(907) 278-1351
431 W. 7th Avenue Suite 100
Anchorage, AK
Company
Shilanski & Associates, Inc.
Qualifications
Years of Experience: 9
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CommOptions, Collectable Coins , Precious Metals, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Education Plan, Healthcare Accounts, BuySell

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H&R Block
(907) 222-2637
1120 HUFFMAN rdSTE 23
ANCHORAGE, AK

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Liberty Tax Service
(866) 871-1040
11409 Business Blvd # 1201
Eagle River, AK

Data Provided by:
Hauber & James Tax & Financial Services Inc
(907) 789-3091
9340 Glacier Hwy Ste 43b
Juneau, AK
 
Hutton & Hauber Tax & Accounting Services Inc
(907) 789-3091
9340 Glacier Hwy
Juneau, AK
 
Hutton & Hauber Tax & Accounting Services Inc
(907) 789-3091
9340 Glacier Hwy
Juneau, AK
 
Logan General Tax Practice
(907) 789-3894
2245 Jordan Ave
Juneau, AK
 
H&R Block Inside Eastview Center
(907) 337-1040
5520 LAKE OTIS PKWY STE 102
ANCHORAGE, AK

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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...

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