Taking the standard deduction may be easy, but it could cost you.
Individuals who spend a lot on medical care, mortgage interest, state and local taxes, charitable contributions or a variety of miscellaneous items frequently are better off itemizing. When these expenditures exceed the standard deduction, you'll save on your taxes.
By keeping track of these expenses and listing them on Schedule A, you could come up with a substantially larger dollar figure than the standard deduction amount.
If you are unsure what you can deduct, you can start with this handy deduction finder, MSN Deduction Finder
