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If the amounts of the itemized deductions and the standard deduction do not differ much, the taxpayer may take the standard deduction to reduce the possibility of adjustment by the Internal Revenue Service (IRS). The amount of the standard deduction cannot be changed following an audit unless the taxpayer's filing status changes. If the ...
The 2017 Tax Cuts and Jobs Act changed the rules when it comes to standard vs. itemized deductions by nearly doubling the standard deduction and eliminating or cutting back many itemized ...
Some examples of itemized deductions are home mortgage interest, state and local income taxes or sales taxes, real estate and property taxes, gifts to charities, casualty and theft losses due to a ...
How much tax you owe depends on your income, but the federal government, through the Internal Revenue Service, allows you to claim deductions that reduce your taxable income and the amount of tax ...
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.
A W-2 is the IRS tax form you receive from your employer at the end of the tax year. ... Itemized deductions or tax credits: Medical expenses, education credits, child tax credits, ...
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