Virginia Beach, VA (PRWEB) March 06, 2012
Less than half of Americans itemize their tax deductions, and many may be missing out. Liberty Tax urges taxpayers taking the standard deduction to scrutinize expenses that may be tax deductible if they itemize, and then compare. When these add up to a greater figure than the standard deduction, itemizing will result in a lesser tax bill. Often a home purchase and the resulting write-offs of mortgage interest and state taxes open the door to a plethora of other deductions. Itemizers may then be able to deduct many items on Schedule A filed with Form 1040. These include charitable contributions, medical expenses, some unreimbursed employee expenses, and miscellaneous expenses. They generally come out ahead with a lower tax bill.
“Taxpayers who itemize their deductions can deduct the full amount of their itemized deductions regardless of their adjusted gross income through 2012,” advised John Hewitt, CEO and Founder of Liberty Tax Service.
Taxpayers can also deduct the full amount for exemptions, with no income restrictions or phase-outs through 2012. For self-employed persons paying their health insurance, it’s reported on Form 1040 rather than Schedule SE for filing a 2011 return. Another tax reminder for filing this year applies to those who rolled over Roth IRAs in 2010 and didn’t report the taxable income. They must generally report half of it this year on their 2011 return.
About Liberty Tax Service
Call 866-871-1040 to be directly connected to the nearest Liberty Tax office. Liberty Tax Service is the fastest growing retail tax preparation company in the industry’s history. Founded in 1997 by CEO John T. Hewitt, a pioneer in the tax industry, Liberty Tax Service has prepared over 9,000,000 individual income tax returns. With 42 years of tax industry experience, Hewitt stands as the most experienced CEO in the tax preparation business, having also founded Jackson Hewitt Tax Service.
Liberty Tax Service provides computerized income tax preparation, electronic filing, refund loans, and online filing through eSmart Tax. Each office offers customers audit assistance, a money back guarantee, and free tax return checking.