Itemized deductions are tax breaks that you are may or may not be eligible for based on your financial situation. A standard deduction is the amount that the government says you can be exempt from regardless of special financial circumstances.

When weighing whether to take the standard deduction on your taxes or list out your itemized deductions you need to start by understanding your schedule A. This is a basic outline of the itemized deductions that you may be able to take. If you are a homeowner, have a lot of medical or dental expenses, gave a lot of money to charity or accrued a lot of unreimbursed work expenses, you may want to calculate how much you would be able to deduct. If it's more than the standard deduction, you should take the itemized deduction.

The following amounts are what the government will allow you to exempt from your taxes.

• Single: $5,700
• Married filing jointly: $11,400
• Head of household: $8,400
• Married filing separately: $5,700
• Qualifying widow(er): $11,400c

• You are married and filing a separate return, and your spouse itemizes deductions
• You are a nonresident alien or a dual-status alien during the year
• You are filing a tax return for a period of less than 12 months because of a change in your annual accounting method
• You are filing on behalf of an estate or trust, common trust fund, or partnershipc
  

The following deductions are fairly rare, but you should double-check to see if any apply to you.

• Union dues or any other membership fee paid as part of your employment
• Business liability insurance premiums
• Tuition for classes to maintain or improve your skills required for your job
• Job hunt-related expenses in your present field
• Legal fees paid to protect your taxable incomec