7 - DEDUCTIONS

Next we're asked questions about Deductions, as shown on the list below. Then you'll be asked if you wish to Itemize or take the Standard Deduction. This year (2014), the standard deduction rises to $6,200 for single & married taxpayers filing separately. The standard deduction is $12,400 for married couples filing jointly and $9,100 for heads of household. We took the standard deduction but if you paid large amounts on medical, charities, interest, etc., then try the Itemized deduction - it may give a better refund.

Educator expenses
Certain business expenses of reservists
Health savings account deduction
Moving expenses
Deductible part of self-employment tax
Self-employed SEP, SIMPLE, qualified plans
Self-employment health insurance deduction
Penalty on early withdrawal of savings
Alimony paid
IRA deduction
Student loan interest deduction
Tuition and fees deduction
Domestic production activities deduction
Other miscellaneous deductions
Standard deduction
Exemption allowance
Itemized deduction - Medical/dental expenses
Itemized deduction - Taxes you paid
Itemized deduction - Interest you paid
Itemized deduction - Gifts to charity
Itemized deduction - Casualty and theft loss
Itemized deduction - Miscellaneous
Itemized deduction - Other miscellaneous