Standard Deduction Vs. Itemized Deduction
When calculating your taxes for the year, the IRS allows you to deduct dollar-for-dollar a certain amount from your total income before arriving at your taxable income. The amount of the deduction depends on whether you take the standard or itemized deduction. The IRS allows you to take whichever deduction is more beneficial for your situation, regardless of which deduction you used in the past. Standard DeductionThe standard deduction is… Read More »Standard Deduction Vs. Itemized Deduction