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For filers using Form 1040-SR, U.S. Tax Return for Seniors, the standard deduction is on page 4. Itemized Deductions. If you itemize deductions, you lower your taxable income from a list of ...
The 2017 Tax Cuts and Jobs Act changed the rules when it comes to standard vs. itemized deductions by nearly doubling the standard deduction and eliminating or cutting back many itemized ...
When tackling your taxes, it can sometimes be hard to figure out whether to opt for a standard deduction or itemize. According to tax pros, itemizing generally only makes sense if your itemized ...
Under United States tax law, the standard deduction is a dollar amount that non-itemizers may subtract from their income before income tax (but not other kinds of tax, such as payroll tax) is applied. Taxpayers may choose either itemized deductions or the standard deduction, [1] but usually choose whichever results in the lesser amount of tax ...
Standard Deduction vs. Itemized Deductions. The standard deduction makes it easier to do your taxes because it’s a flat amount — $14,600 for individual filers ($29,200 for married joint filers ...
If the amounts of the itemized deductions and the standard deduction do not differ much, the taxpayer may take the standard deduction to reduce the possibility of adjustment by the Internal Revenue Service (IRS). The amount of the standard deduction cannot be changed following an audit unless the taxpayer's filing status changes.