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This video tutorial explains the key differences between standard deduction and itemizing deductions on a 1040 tax return. The rules have changed starting in 2018 until 2023, with standard deduction set at $12,000 for single filers and $24,000 for married couples. Generally, it is recommended to compare your itemized deductions and standard deduction and choose the greater amount to save on your tax return. It is important to know the rules to make an informed decision on which option to take.