Review Form 1040 – Schedule A. Take a look at the available itemized tax deduction on the form. Compare the deductions that you actually take with the deductions that you would like to take.
- Explain why you made the particular selections.
- For the deductions that you would like to take, explain why you are not able to take the deductions.
- For the deductions that you actually take, explain the benefits that you receive from the deductions.
- If you have never prepared a tax return or looked at this information before, what do you find most significant about what you see on Schedule A (and the purpose of the schedule)?