Tag's: Itemized deduction

Itemized or standard deduction

Every year, Americans file taxes in hopes of getting money back from Uncle Sam. One area that affects all tax payers is whether to take the standard or itemized deduction. Standard deduction Standard deduction is pre-determined amount that is deducted from your adjusted gross income. The amount you are eligible to take is largely dependent on your filing status. In 2013, the standard deduction was as follows: Single or married filing
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