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URL:https://www.learndesk.us/class/5628576760070144/lesson/5bf457b9c9dd1e7622f88ae806c2ae72?ref=outlook-calendar
SUMMARY:Standard Deduction vs. Itemized Deductions
DTSTART;TZID=America/Los_Angeles:20260513T190000
DTEND;TZID=America/Los_Angeles:20260513T200000
LOCATION:https://www.learndesk.us/class/5628576760070144/lesson/5bf457b9c9dd1e7622f88ae806c2ae72?ref=outlook-calendar
DESCRIPTION: 
Standard Deduction vs. Itemized Deductions
 
A Standard Deduction is the portion of income not subject to tax that can be used to reduce the amount of tax owed to the IRS. The standard deduction is based on your filing status (Single, Head of Household, Married filing separately, or Married filing jointly), age, disability, or dependency. Not all are eligible.
Itemized Deductions are expenses on eligible products, services, or contributions that can be used to reduce the amount of tax owed to the IRS.  Common deductions are unreimbursed medical and dental expenses, state and local taxes, mortgage interest, charitable contributions. May have limitations.
So, which is best? Well, that depends on your personal situation. Due to the higher standard deduction amounts for 2020, more and more people are choosing to use the standard deduction instead of itemizing their expenses. The standard deduction is easy, convenient, and saves time. It is best for low-income earners with few...

https://www.learndesk.us/class/5628576760070144/lesson/5bf457b9c9dd1e7622f88ae806c2ae72?ref=outlook-calendar
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