Itemize vs standard deduction 1040 vs 1040a – Filing your 2009 federal income taxes to get max refund check

The big question this tax season is: Should I itemize my deductions or just take the standard deduction. The answer to this question will vary from individual to individual. The first thing that you want to look at is the standard deduction allowed in 2009. This can be found on the IRS tax instructional booklet. For your convenience here are the 2009 standard deduction amounts. You may notice that the amount will vary depending on your filing status.

Single: $5,700
Head of household: $8,350
Married Filing Jointly: $11,400
Married Filing separately: $5,700

Now that you know what the standard deduction is you want to ask yourself if you are able to write off enough expenses to surpass the standard deduction for your filing status. If your answer is no, then it would be best to take the standard deduction. If you answer yes, then grab you’re a schedule A 1040 form and calculator and prepare to do some math. If you are confused and have no idea what to answer than it would be in your best interest to fill out a schedule A and see what you come up with.

Knowing the current 2009 tax laws would be beneficial. Every year there are new additions and rules that can affect your tax return. For example, this year you are able to increase your standard deduction by up to $500 if you paid property tax in 2009. In prior years you could not take the standard deduction and claim property taxes paid.

The best thing that you could possibly do this tax season is contact a tax professional. A good tax professional stays up to date with the tax laws and can maximize your tax returns. If you can not afford a tax professional do yourself a favor and purchase a tax preparation software. Tax software can catch potential areas where you can save on your taxes.