Itemized Tax Deductions

Each year, taxpayers have the option of claiming the standard deduction or the itemized deduction. For the tax year 2010, the standard deduction remains unchangedat $5,700 for single taxpayers or for those married filing separately; it also remains unchanged for married taxpayers or qualifying widow(er)s at $11,400; and for head of household, the standard deduction increased to $8,400.

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.