Best Answer: There are many things that can be itemized, too many to list all here. If you don't have a home mortgage, you may still want to itemize if you have one or more of the following:
There are a huge number of things you can take as deductions if you itemize, but there are drawbacks, too.
On the standard 1040 form, you're allowed to take a standard deduction. The idea is to itemize, and then decide if you do better with the itemization, or the standard deduction.
You use IRS form Schedule A to itemize on; and the stuff you can deduct covers a huge list.
For instance, if you're an over the road truck driver, you can deduct $52 a day for every day you're away from home - for a full time driver, that can be upwards of ten thousand dollars a year. If you're
a nurse, you can deduct the cost of your uniforms, shoes and stethescopes. If you're buying a home, you can deduct the interest you paid on your mortgage. If you rent a safe deposit box at the bank, you can deduct the cost of that rent. If you give money to charity, you can usually deduct that.
I mentioned drawbacks: make sure you have a receipt for every thing you deduct. If you are audited, you'll have to prove every deduction you take.
The list is huge. Head over to http://www.irs.gov and search on itemized deductions to get a better idea.
By the way, if you do decide to itemize, you can amend your tax return on IRS Form 1040X, and may be able to turn an expected $300 refund into a $3000 one. You can amend returns for three years, I believe.
Good luck. - Stuart
Stuart · 8 years ago