Standard Deduction vs. Itemized Tax Deduction – What’s Better?

6:20 PM

Every taxpayer with a filing requirement is allowed a Standard Deduction, which depends on their filing status. The Standard Deduction is the first step in reducing adjusted gross income (Form 1040, line 38) to taxable income (Form 1040, line 43). The other is the Exemption amounts (Form 1040, line 42). But the IRS wants you…

Standard Deduction vs. Itemized Tax Deduction – What’s Better? is a post from Money Crashers.