Everyday Tax Tips
Itemizing on your tax return
For the most part, as a person (individual), you’re only allowed to subtract (deduct) expenses on your tax return that are related to making money. However, there are some exceptions that allow the deduction of personal expenses. Those expenses must be detailed on Schedule A of the 1040 (Itemized). In the next two weeks, we’ll talk about those expenses and how to take advantage of them on your return.