What are Schedule A Deductions?
Schedule A, part of the Individual Tax Return Form or Form 1040, is a way for taxpayers to itemize deductions for the United States Internal Revenue Service (IRS). It is the easiest way to reduce the amount of taxes that are owed to the United States government, without taking a direct cut in pay. Schedule A works by allowing a taxpayer to subtract amounts spent on certain things, such as medical and dental care, charitable gifts, other taxes, and miscellaneous expenses, from his income; thereby, lowering the amount that may be paid to the government. The items and amounts that can be deducted by a taxpayer vary from year to year, according to the Internal Revenue Code. The best way to receive Schedule A deductions is to keep records of various categories of expenses. Then, meet a certain income level, and finally file Schedule A deductions with the IRS according to the calculations specified on the Schedule A form itself. It may take a bit longer to fill out the tax forms when filing
