Itemized Tax Deductions

Does it make sense for you to itemize your tax deductions?
Does it make sense for you to itemize your 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.

Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.
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