My First Post

Hello lurkers, fellow knitters, and people who came here by mistake:)  How would you like to know a little about me?  Well, for starters, I have been knitting for 7 months, and I consider myself an advanced beginner, if there is a such a title.  I have completed a few projects during this time, and I plan on posting pictures as soon as I figure this blog thing out.  I am self taught all the way.  I have learned a lot from the Internet and  DVD's I have purchased.  

I am also about to receive my AAS in Accounting.  I enjoy learning about and preparing personal income taxes.  Would you like to know something most people don't think about?

Okay!  First of all, a taxpayer that donates cash or gifts, can't take a deduction unless they itemize on a Schedule A.  Furthermore, if your total itemization's are not more than your standard federal deduction, then your an idiot for itemizing!  Here is an example:  John and Sharon donated $2000 in cash to the Salvation Army and got a receipt.  They also had $4000 in qualified mortgage interest.  Come tax time they want to deduct the $2000, and the $4000.  After adding those expenses to the Schedule A, they find they can deduct a total of  $6000 on line 40 of the 1040.  But, they will make a big mistake if they itemize $6000!  Why?  Because their standard deduction for married couples is $10700.  They just lost out on reducing an additional $4700 from their taxable income.  I will have more little tax tidbits on other posts:)