Bigger standard deduction makes itemizing less attractive
Should you itemize when you prepare your 2009 income taxes? Maybe not. Even if you’ve done it for years, there are more reasons than ever this year to consider the standard deduction. For one, that deduction got fatter: It’s now $11,400 for married couples filing jointly, $8,350 for heads of household, and $5,700 for single people.
A passel of other unique tax breaks, including a deduction for property tax, is available to folks who use the standard deduction. Consumer Reports Money Adviser outlines those extra tax breaks here.
Whether you decide to itemize or “go standard,” Consumer Reports has tons of other advice on its new tax hub, to guide you through tax season with (relative) ease.
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