You know you are using the right file editor when such a basic task as Itemize formula resolution does not take more time than it should. Editing documents is now an integral part of many working processes in various professional fields, which is why convenience and simplicity are essential for editing tools. If you find yourself researching guides or trying to find tips on how to Itemize formula resolution, you may want to get a more easy-to-use solution to save time on theoretical learning. And here is where DocHub shines. No training is required. Just open the editor, which will guide you through its principal functions and features.
A workflow becomes smoother with DocHub. Take advantage of this instrument to complete the documents you need in short time and get your efficiency one stage further!
- [Instructor] Person A here made $100,000 in the year that we care about, and hes getting ready to pay his taxes, and hes got some deductions. He made a $2,000 donation to charity and a $5,000 donation to state taxes, or not a donation, (chuckles) he paid $5,000 in state taxes. So his total deductions right over here, and we would call these his itemized deductions, cause he has literally put all of the items that hes deducting, so his itemized, itemized deductions are going to be $7,000. Now, before he just decides to subtract that $7,000 from his income to get his new taxable income, he should compare that against the standard deduction. No matter what you do here, the IRS will give you just a freebie deduction. And if youre a single person, and this is, obviously, depending on what year youre filing in, but at the time of this video, the standard deduction, the standard deduction is $6,100 for a single person. So in this persons situation, his itemized deductions were large