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When to Stop Itemizing

Discussion in 'Trucker Taxes and Truck Financing' started by Opus, Jan 11, 2023.

  1. Jan 11, 2023 #1
    Opus

    Opus Road Train Member

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    Straight up question.....at what point should we stop itemizing?
    Between us both, we probably did between $80-90K.
    Off the top of my head, Id say the most we could itemize would be at most, $4,000.

    Should we just go 1040?
     
    Opus, Jan 11, 2023
    Opus, Jan 11, 2023
    #1
    BennysPennys Thanks this.
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  3. Jan 11, 2023 #2
    Short Fuse EOD

    Short Fuse EOD Road Train Member

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    Short Fuse EOD, Jan 11, 2023
    Short Fuse EOD, Jan 11, 2023
    #2
    BennysPennys, Opus and Chinatown Thank this.
  4. Jan 11, 2023 #3
    Opus

    Opus Road Train Member

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    Dec 18, 2011
    South GA
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    Opus, Jan 11, 2023
    Opus, Jan 11, 2023
    #3
    BennysPennys Thanks this.
  5. Jan 13, 2023 #4
    striker

    striker Road Train Member

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    Even though the standard deduction on the federal side is more than my itemized, itemizing benefits me on the state side. Right now, it likes I owe $1,700 to the feds, with a $1,000 refund from the state. But if I remove my itemized deductions, I end up owing the state too.
     
    striker, Jan 13, 2023
    striker, Jan 13, 2023
    #4
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