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Itemized Deductions Client Name: MEDICAL EXPENSES 2015 This list IS NOT all-inclusive CHARITABLE CONTRIBUTIONS: Prescriptions (not overthecounter items) CASH: cash, check, money order, etc YOU NEED

How to fill out itemized deductions 2015

How to fill out itemized deductions 2015:

1. Gather all necessary documentation: Before starting the process, make sure you have all the required forms and supporting documents. These may include receipts for deductible expenses such as medical bills, charitable contributions, mortgage interest, and property taxes.
2. Calculate your total expenses: Go through your receipts and add up the total amount you spent on deductible expenses for the year. This will help you determine whether itemizing deductions or taking the standard deduction is more beneficial for you.
3. Understand the eligible deductions: Familiarize yourself with the specific deductions that are allowed for the tax year 2015. These may include medical expenses, state and local taxes, mortgage interest, charitable contributions, and certain miscellaneous expenses, among others.
4. Complete Schedule A: To claim itemized deductions, you need to fill out Schedule A (Form 1040) and attach it to your tax return. Provide accurate and detailed information for each eligible deduction you plan to claim.
5. Double-check for accuracy: Review your completed Schedule A to ensure that all the information provided is accurate and matches your supporting documents. Any errors or discrepancies may trigger an audit or delay the processing of your tax return.

Who needs itemized deductions 2015:

1. Taxpayers with significant deductible expenses: If you have incurred a substantial amount of qualifying expenses during the tax year, itemizing deductions may help you maximize your tax savings. This is particularly beneficial if your total deductible expenses exceed the standard deduction amount.
2. Homeowners with mortgage interest and property taxes: If you own a home and have paid mortgage interest and property taxes, it is generally beneficial to itemize deductions. These expenses can often surpass the standard deduction and result in additional tax savings.
3. Individuals with high medical expenses: Medical expenses are deductible if they exceed a certain percentage of your adjusted gross income (AGI). If you had substantial medical bills in 2015, itemizing deductions may help lower your taxable income and potentially reduce your tax liability.
4. Generous charitable contributors: If you made significant charitable donations in 2015, itemizing deductions allows you to deduct these contributions from your taxable income. This can result in a greater tax benefit compared to taking the standard deduction.
5. Individuals with large state and local tax payments: State income taxes and property taxes paid throughout the year are also deductible when itemizing deductions. If you reside in a high-tax state or have substantial property tax payments, itemizing can help you save on your taxes.

Remember, it is essential to consult with a tax professional or use tax software to ensure you are accurately claiming itemized deductions and maximizing your tax benefits.

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