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Mark Kohler discusses the differences between standard deduction and itemizing for American taxpayers filing a 1040 tax return. The rules have changed from 2018 to 2023, with the standard deduction being $12,000 for singles and $24,000 for married couples. The general rule is to compare itemized deductions to the standard deduction and take the greater amount to save money on taxes. It is often more beneficial to take the standard deduction.