Should I Itemize My Deductions?

While it’s tempting just to check off the box to take the standard deduction, I will urge you to take the time to itemize your deductions, especially if you are a business owner.

Well, of course you won’t benefit if your itemized deductions add up to less than the standard deduction, but itemized tax deductible lists can add up pretty quickly.

If you are a homeowner, did you pay mortgage interest and real estate taxes on your home? I’m not sure about your individual municipalities, but mine homeowner costs were pretty high. Deduct those!

Did you have some major medical expenses that insurance didn’t cover? Did your employer not cover costs that were work-related? Teachers, I’m looking at you and those supplies you bought for your classroom just because you care about making your classroom the best it can be for your students. Time to get some tax advantage from your goodwill.

Besides donating to the ALS Association alongside the tidal wave of the Ice Bucket Challenge, do you donate to your church, the animal shelter or other causes you believe in? Make sure you account for those.

Not sure you have enough itemized deductions to make it an advantage? Sit down with one of our experts and we will help jog your memory with some pretty basic, but easily overlooked, questions.

Karla Dennis

As seen in Forbes Magazine, Karla Dennis is an expert tax and business strategist. As an enrolled agent, Karla is licensed to represent taxpayers in all 50 states. She holds a Masters in Taxation and Business Development and is the author of two books, Tax Storm and Against the Odds.

Karla, CEO of consultancy firm Karla Dennis And Associates, Inc.™, has saved her clients thousands of dollars and has been featured in various media outlets such as Forbes, MSNBC, KTLA, Yahoo! Finance, and SmartMoney, marking her as the ultimate tax expert.

As of 2014, Karla became the new host on the “Mind Your Business” radio show, KTLK AM 1150, sharing her financial and business knowledge with the greater Orange County and Los Angeles areas. As a supporter of women’s rights and issues, Karla is part of the Women Network, an organization built to educate and mentor women. In addition, Karla is the radio host for Women Network Radio, a show that aims to uplift and empower women of all walks of life.