Read NewsWaves for the latest on what is going on here in Bay Harbor Islands! Calendar View the schedule for council meetings, download agendas and see upcoming special events
Unlike the standard deduction, itemized deductions result in different taxable income amounts from person to person. Those who qualify for the standard deduction have the leeway to choose the itemized route; however, individuals who are not eligible for the standard deduction can only itemize their tax deductions.
Other than above-the-line deductions covered above, the rest are tax breaks you can only take if you itemize. In effect, by itemizing you're foregoing the standard deduction (you canât get both), and opting to take the specific deductions you list on your tax return. Some of the more common itemized deductions include: 1  Mortgage expense â This can include mortgage interest and mortgage insurance premiums. 2  Other taxes â You may be able to deduct the amount youâve paid previously for personal property taxes, state and local taxes and real estate taxes.