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Tax tips defend itemizing to cut your taxes
A New York accounting expert from Touche Ross says millions overpay federal taxes due to ignorance and laziness. Herbert M. Paul urges itemizing deductions when beneficial, noting mortgage interest, property taxes, state and local taxes, and high loan interest can exceed the standard deduction. Audits risk rises with unusually high deductions, yet with proper records most returns pass. If overpaying, adjust with a new W4 form to alter withholding.
MENTIONED IN THIS ARTICLE
New York
Herbert M. Paul
Touche & Ross
Paul
Internal Revenue Service