Standard vs. Itemized Deduction � 2021 | Best Guide
Finn Kevin01 Apr, 2022Finance
The standard deduction reduces taxable income. It is a benefit that eliminates the need for many taxpayers to itemize actual deductions, such as medical expenses, taxes, interest, and charitable contributions, on Schedule A (Form 1040). The standard deduction is increased by an additional amount for taxpayers who are 65 or older, or are blind.
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