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In this video tutorial, Mark Kohler explains the difference between standard deduction and itemizing on a 1040 tax return. The rules have changed from 2018 to 2023, with standard deduction being $12,000 for singles and $24,000 for married individuals. It is important to compare your itemized deductions with the standard deduction to see which one is greater and will save you money on your tax return. Generally, it is recommended to stick with the standard deduction unless your itemized deductions exceed it.