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What All Can You Itemize on IRS Form 1040?

While the federal Internal Revenue Service offers a variety of forms that one can use to file their taxes, the one choice that can work for almost any taxpayer, regardless of the complexity of their tax situation, is IRS form 1040. While there are definitely shorter and easier forms to fill out such as the 1040A or the even simpler 1040EZ, the 1040 allows for the widest range of options and is suitable for any income level while the others have more strict requirements for their appropriate use and are not suitable for those who earn over $100,000 per year. While there are a range of benefits that come with choosing the 1040 form to file one's taxes, one of the strongest reasons to use it is simply the fact that you can end up paying far less on your taxes when you properly itemize your expenses. This will lead to a larger refund check, something that many Americans can be especially glad for, particularly during these harsher economic times. Of course, to ensure that you are using the right form it is best to employ the services of a highly skilled tax preparation team. This avoids hassles with the IRS and it also ensures that you've been able to itemize all of the things that can give you the most back on your taxes this year.

Once you've determined that this is the right form for you to use, then you will find that being educated about which deductions are applicable to your specific situation is a great help. Along with IRS form 1040, you will also want to make sure that you have a Schedule A form so that you can tally up all of the expenses you plan to itemize as deductions on your return. Health care costs such as money spent on medical or dental care, prescription drugs and other related costs is a commonly itemized set of deductions, as are taxes paid at the state or local levels, but there are other categories many people overlook. Financial losses from theft or other casualties are one category, as are dues paid to labor unions, expenses related to your job which are not covered by one's employer, fees for tax preparation, fees for safe deposit boxes, gambling losses, work related travel, purchasing or cleaning uniforms for work, and contributions to certain charities. By knowing which costs you can deduct from your taxes using the 1040 form, you stand to save yourself a great deal of money and use the tax laws in the ways they were intended to be used.