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What is the difference between itemized deductions and standard deductions when filing taxes?

Mar 14, 2012 by Arthur from Little Rock, AR in  |  Flag
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A standard deduction is exactly that: a standard amount that is available to everyone, regardless of specific deductions that may be available to you. In general, someone who does not have much in the way of itemized deductions (home mortgage interest, state and local income taxes, property tax, charitable deductions, etc.) can simplify their tax return by taking a standard deduction. Itemizing involves more work, but it can reduce your overall tax bill.

Comment   |  Flag   |  Mar 14, 2012 from San Francisco, CA

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