What is the difference between a standard deduction and an itemized deduction?

The difference between standard deduction and detailed deduction boils down to simple mathematics. The standard deduction reduces your income by a fixed amount. On the other hand, itemized deductions are made up of a list of eligible expenses. You can request what will reduce your tax bill the most.

Taxpayers may have to itemize deductions because they can't use the standard deduction. They can also itemize deductions when this amount is greater than their standard deduction. Remember that everyone's tax situation is different, so it's a good idea to talk to a tax professional who can help you calculate the numbers and decide which deduction is best for you.

Eva Dougherty
Eva Dougherty

Lifelong baconaholic. Webaholic. Professional bacon guru. Evil travelaholic. Total tv lover.

Leave Reply

All fileds with * are required