If you’re working on your income tax return, there are some deductions you should be aware of. The Illinois CPA Society says taxpayers who itemize deductions don’t always claim everything they’re entitled to. Michael Armour, a certified public accountant with the firm Bird-Armour in Springfield, says a lot qualifies.
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“It’s not just your mortgage interest. It’s also things like sales tax paid, tax paid on a car or a boat, [state] income tax paid, employee business expenses if you’re a sales person or an over-the-road person or you have professional dues or union dues, medical expenses of any large amount,” he said. Armour says the tax code, regulations and decisions encompass 75,000 pages. He says tax software does a pretty good job of helping most taxpayers.
Taxpayers must weigh their itemized deductions against the IRS standard deduction, and claim whichever is greater.