Doubling Up On Deductions For 2016

Most people take the standard deduction, largely because they don't have enough in itemized deductions in any given year to make it worth itemizing. But by doubling up on your deductions in a single tax year, you might be able to squeeze more in deductions than you otherwise would.In this clip from Industry Focus: Financials, Motley Fool analyst Gaby Lapera talks with Dan Caplinger, the Fool's director of investment planning, about how paying two years' worth of deductible expenses can let you itemize in one year while still taking the standard deduction in the other, leading to greater tax savings.