Everyone wants to save money on their tax bill. But nearly two-thirds of taxpayers never itemize their deductions—a move that could add up to giving the government free money.
Itemizing isn’t as hard as it sounds; you just add up all your tax-deductible expenses for the year. There’s even a worksheet in your IRS tax return instructions (“Schedule A”) to help you through the process.
On the fence? Consider itemizing if you own a home, paid out-of-pocket for large medical expenses last year, weren’t reimbursed for business expenses, or donated a lot to tax-exempt charities.