Itemize tax deductions to save money

Each year, taxpayers have the option of claiming the standard deduction or the itemized deduction. For the tax year 2009, the standard deduction for single taxpayers or for those married filing separately is $5,700; for married taxpayers or qualifying widow(er)s, the standard deduction is $11,400; and for head of household, the standard deduction is $8,350.

Most taxpayers will choose the standard deduction -- about two out of three taxpayers make this choice. It's quick, it's easy, and it allows taxpayers to file what's referred to as a short form, the form 1040-EZ. You may not file a form 1040-EZ if you itemize.

Your resource on tax filing
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