Jackson Hewitt® Four Corners Offers Insight on Itemizing Deductions on 2008 Tax Returns

Silver Spring, MD, March 06, 2009 --(PR.com)-- To ensure consumers get the most out of their tax return this tax season, The Jackson Hewitt - Four Corners office, offers advice on determining when to itemize deductions.

“Itemizing on a tax return is not just for homeowners seeking to deduct mortgage interest and property taxes,” said John J. Lah, MBA, CFA, the Franchise Owner of the Four Corners office. “Deductions such as medical and dental expenses, state and local income tax and real estate tax all count as itemized deductions, which collectively could positively impact your bottom line. Taxpayers should visit with their tax preparer to determine their itemized deductions and compare the amount to their standard deduction to make sure they file for the option with the greater benefit.”

If you are eligible to claim any of the following deductions for the 2008 tax year, itemizing may be a better choice for you:

• Large uninsured medical and dental expenses
• Home mortgage interest and real estate taxes
• Contributions to qualified charities
• Occupational-related unreimbursed business expenses
• Casualty or theft losses

The alternative to itemizing deductions is selecting the standard deduction, a fixed amount that you can deduct from your taxable income. The amount of the basic standard deduction depends on an individual’s tax return filing status. The amounts for 2008 have increased to:

• Single or Married Filing Separately: $5,450
• Head of Household: $8,000
• Married Filing Jointly and Qualifying Widow(er): $10,900
• The additional standard deduction amount for taxpayers age 65 or older or for blind taxpayers increases to $1,350 (for Single and Head of Household) and to $1,050 for Married Filing Jointly, Married Filing Separately and Qualifying Widow(er).

If you are home owner and do not itemize, new for this year, you can add up to $500 ($1,000 if married filing jointly) of the real estate taxes paid to your basic standard deduction amount, helping you to further reduce your taxes.

For more information on itemized deductions, or to schedule an appointment, please call (301) 681-7180.

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