Instead of going down the tried and trusted standard deduction route, consider itemizing your deductions. If they fall below the standard deduction, it is possible to bundle deductions. Examples of using this as a tax-saving measure include early mortgage repayment or a planned charitable donation. There is a list of items that can be deducted in this manner on the IRS website under Schedule A, Itemized Deductions.
For further questions about Phoenix tax planning accounting, please contact Singer Tax & Accounting, PC today at (602) 482-8006.