Any Tax people on..

So if your taxable income is a bit less then 40,000 you are married with two children and your mortgage interest is 14,898.

Could I take the standard deduction or is it worth figuring out Medical Miles,medical,dental and all the other itemized things? To get everything back.

Thanks!

Re: Any Tax people on..

In order for you to deduct your mortgage interest you would need to itemize your deductions. Therefore you can't take the standard dedection. I think in 2007 the standard was just over $10k for joint filers. So in 2008 that'll be a little more. Plus when you itemize you also deduct your state and local taxes, property taxes and all the other things you mentioned (miles, business expenses, charitable contributions, medical, etc).

I think you should take the time and figure out your deductions and itemize. You'll definately do better. I would want every dime back I could get.

Message edited 1/10/2009 8:27:35 PM.

Re: Any Tax people on..

Thanks