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2. What are standard and itemized tax deductions? - AOL

   www.aol.com/finance/standard-itemized-tax...

   Because of itemized deduction caps and the standard deduction increase, the standard deduction gives almost 90% of tax filers the biggest tax break. TurboTax makes deciding easy.

3. What Is the Standard Deduction Amount for 2022-2023 and When ...

   www.aol.com/finance/difference-between-standard...

   When you file your federal income tax return, you have two choices: take the standard deduction or itemize your deductions. Check Out: 8 IRS Secrets To Know for the 2023 Tax Filing SeasonMore: 3 ...

4. Form 1040 - Wikipedia

   en.wikipedia.org/wiki/Form_1040

   Form 1040, officially, the U.S. Individual Income Tax Return, is an IRS tax form used for personal federal income tax returns filed by United States residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid to or refunded by the government.

5. Adjusted gross income - Wikipedia

   en.wikipedia.org/wiki/Adjusted_gross_income

   Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items. Several deductions (e.g. medical expenses and miscellaneous itemized deductions) are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI.

6. Itemized deduction - Wikipedia

   en.wikipedia.org/wiki/Itemized_deduction

   The taxpayer must have maintained the records required to substantiate the itemized deductions. 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 ...

7. Taxes 2022: Are Face Masks and Hand Sanitizer Deductible? - AOL

   www.aol.com/finance/taxes-2022-face-masks-hand...

   Additionally, to claim the medical expense deduction, you must itemize your deductions. To lower your tax liability, your itemized deductions must be higher than the standard deduction.

8. Internal Revenue Code - Wikipedia

   en.wikipedia.org/wiki/Internal_Revenue_Code

   Definition of gross income (before deductions), including items specifically taxable 101–140: Specific exclusions from gross income 141–149: Private activity bonds 151–153: Personal exemptions; dependent defined 161–199: Deductions, including interest, taxes, losses, and business related items 211–224: Itemized deductions for ...

9. Mortgage Interest Deduction: Limits and How It Works - AOL

   www.aol.com/finance/mortgage-interest-deduction...

   For tax year 2024, the standard deduction is $14,600 for single filers and married individuals filing separately, $21,900 for heads of household, and $29,200 for married couples filing jointly.