Taking the standard deduction may be easy, but it could cost you.
Individuals who spend a lot on medical care, mortgage interest, state and local taxes, charitable contributions or a variety of miscellaneous items frequently are better off itemizing. When these expenditures exceed the standard deduction, you'll save on your taxes.
But there are a couple of things to keep in mind when you itemize. First, the paperwork. There's that extra form, Schedule A, to contend with, and it must be filed along with the longest of the individual returns, the 1040.
In the medical category, only expenses that exceed 7.5 percent of your adjusted gross income can be deducted. If you didn't spend at least that much, then none of your costs are deductible.
And once you do total your itemized deductions, the actual amount you can claim may be reduced if you earn a lot.