You need to understand the
basic difference between standard deduction and itemized deduction
first. The standard deduction reduces your monthly income by a certain
amount. The itemized deduction consists of a list of eligible expenses.
You can claim deduction for items that reduce your tax bill
significantly.
The standard deduction is a
flat amount that you can deduct from the taxable income. The amount of
deduction will be based on the year, filing status, and number of
dependents. But the itemized deduction may enable you to deduct the
actual dollar amount of different itemized expenses, such as property
taxes, mortgage interest, student loan interest etc. So, You’ll likely
want to select the option that reduces your taxable income the most.
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