In the latest Money Matters Report, Spectrum News' Tara Lynn Wagner looks at itemizing deductions and why it may be worth it to go through the extra effort.

When it comes to paying taxes, we all get a little break.

"Everybody is entitled to a minimum amount of deduction, and that's defined as the standard deduction, and it varies based upon your filing status," UHY Advisors Tax Principal Eric Hananel said.

But Bill Cobb, president and CEO of H&R Block, says, Why settle for what's standard when you may qualify for a much deeper discount through itemized deductions?

"Especially here in New York. Local taxes are deductible, state taxes are deductible, transportation to and from work can be deductible — there are rules around that," Cobb said. "There is money that you are spending that you can get back from the government."

However, not everyone itemizes.  According to IRS data from 2013, a vast majority — 68 percent of all households — took the standard deduction. Income plays a large part: the lower the income, the less likely the household would itemize.

Another reason could be timing.

"Especially if they wait until the very last minute and they are rushing, they might very well overlook some of these deductions that are available to them and they might just go ahead and take a standard deduction," Hananel said.

Not that it needs to be time-consuming: many apps allow you to track expenses throughout the year. You can also take a shortcut by using a credit card for a bulk of your deductible expenses.

"At the end of the year, you're going to receive a summary, and that's a great starting point to try to gather your tax information — looking at your year-end summaries from your credit cards," Hananel said.

The other issue could be fear: some people believe claiming certain things, like the home office deduction, will trigger an audit.

Hananel says while some deductions do generate a greater amount of scrutiny, he would not call them automatic red flags. 

"There's no guarantee that you're going to be audited, and if you're entitled to the deduction, you should claim it," Hananel said. "There's no reason to pay more tax than you otherwise would have to."

For more information on deductions, visit irs.gov