Itemized or Standard Deduction?

The IRS statistics show that most taxpayers use the standard deduction. However, you may be able to reduce your tax bill if you itemize on Schedule A. What expenses are deductible on Schedule A? I think most people are familiar with the typical itemized deductions, which requires a Schedule A to be filed. Home mortgage[…]

Filing Status: Married Filing Separately

Married individuals may choose to file separately rather than filing one joint return.  Married filing separately is the least favorable filing status. The standard deduction for this status in 2013 is $6,100 and $6,200 in 2014. Not only does the married filing separately status have the least favorable tax rates, but certain tax benefits like[…]