Things You'll Need:
- Financial Calculator
- IRS Forms
- Paper And Pencils
- Pads Of Paper
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Step 1
Determine your filing status and the standard deduction for your status and age.
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Step 2
Add together state and local income taxes, vehicle registration taxes and real estate taxes paid during the year.
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Step 3
Total your home mortgage interest and points paid.
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Step 4
Calculate both monetary contributions and the fair market value of goods donated to charitable organizations.
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Step 5
Determine if you can deduct medical expenses. Multiply your total income by .075. Subtract that number from your total medical expenses to obtain the amount of your deduction.
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Step 6
Determine if you have miscellaneous deductions. Multiply your total income by .02. Subtract that number from employee-related expenses and tax-preparation fees to obtain your deduction.
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Step 7
If you had a personal casualty or theft loss, multiply your total income by .1, add $100, then subtract that total from your loss to obtain your deduction.
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Step 8
Add together allowable deductions and compare the total with your standard deduction.







