Last-minute tax tips

Use the standard deduction

Taking the standard deduction may cut your tax bill more than itemizing deductions. The standard deduction for 2008 increased to $10,900 for married taxpayers filing jointly or $5,450 for single taxpayers or for married taxpayers filing separate returns.

An extra bonus to using the standard deduction in 2008 is that married taxpayers can add to their standard deduction up to $1,000 and single taxpayers up to $500 for state and local real estate taxes paid in 2008. This can be a big plus for taxpayers who have paid off their home mortgages and no longer have a mortgage interest deduction.

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Use the standard deduction Taking the standard deduction may cut your tax bill more than itemizing deductions . The standard deduction for 2008 increased to $10,900 for married taxpayers filing jointly or $5,450 for single taxpayers or for married taxpayers filing separate returns. An extra bonus to using the standard deduction in 2008 is that married taxpayers can add to their standard deduction up to $1,000 and single taxpayers up to $500 for state and local real estate taxes paid in 2008. This can be a big plus for taxpayers who have paid off their home mortgages and no longer have a mortgage interest deduction.