Navigating Through Tax Deductions: Choosing Between Itemization and Standard Deduction Before the Filing Deadline
Thursday, 4 April 2024, 17:32
Choosing the Right Tax Deduction
When tackling your taxes, it can sometimes be hard to figure out whether to opt for a standard deduction or itemize.
Key Points:
- Standard Deduction: Provides a fixed deduction amount based on your filing status.
- Itemized Deduction: Allows you to list individual expenses for potentially higher tax savings.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.