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Taxes can be confusing. Filing taxes can be a daunting task. Tax tips can also sometimes be just as confusing as the taxes themselves. With so much information online about filing income taxes, it’s difficult and time consuming - impossible to visit each and every site. If your taxes are more complicated than you can handle, it’s best to hire a professional to do them for you. There are also many different tax filing software packages available that make filing much easier. Use your favorite search engine and type in “tax filing software” to research and compare which is the best software for you.

Tax tips usually involve deciding who should itemize vs. standard deduction. Standard deduction is a flat amount that you can deduct from your taxable income. This amount is based on your filing status, number of dependents and the year you’re filing for. Itemizing means you have the ability to deduct an actual dollar amount of deductions that may include mortgage interest, property taxes, medical expenses, business expenses, charitable contributions, state and local income taxes etc.

Who should itemize deductions? This depends on each individual’s situation. For most people, the largest deduction is for their mortgage interest and property taxes. Since this can total into the thousands of dollars over the standard deduction, the tax savings can be significant. For more information, visit the IRS website or call
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