Getting the most from itemized deductions. Smarter taxpayers develop their deductions strategy early, getting the most out of the tax breaks and avoiding year-end panic. They can only cut your taxes on a limited basis by reducing your taxable income.
Less income equals less tax.
If you're going to add up your deductible expenses, add them all up. Especially since many deductions require you to reach a certain level before you can use them. So now, with plenty of time to spare, here are some deductions you may have forgotten about. Many medical costs to consider There is never anything good about being sick, but don't add to your ailments by overlooking medical costs hat you can deduct. Since total medical expenditures must be at least 7.5 percent of adjusted gross income, many taxpayers don't even bother with this one.