Now, if your total deductions exceed the standard then you should itemize with your tax return. To itemize means that you account for expenses that you incurred during the year that are deducted from your income, thereby reducing the tax burden.
Among the expenses that a taxpayer is allowed to deduct are, home computer, hobby expenses, legal fees, rental cost for deposit boxes, gambling losses and travel expenses. The most common are medical and dental expenses, property taxes, mortgage interest and charitable donations.
It is always a good idea to consult with an accountant or a tax consultant to determine the best way to file in order to maximize deductions.