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Mark Kohler discusses the difference between standard deduction and itemizing on the 1040 tax return. Starting in 2018 until 2023, the rules have changed, and it's essential to compare your itemized deductions against the standard deduction to save on taxes. Generally, the standard deduction is recommended as it is usually greater. In 2018-2023, the standard deduction is $12,000 for singles and $24,000 for married individuals. It's crucial to understand the rules to determine when to take the extra effort to figure out which option is better.