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This tutorial provides an overview of income tax preparation using tax software. The focus is on form 1040 and schedule A, with emphasis on itemized deductions. A single filer named Eric Smith with a W-2 income of $100,000 in Beverly Hills is used as an example. The standard deduction of $12,400 is compared to potential itemized deductions to determine taxable income. The tax software simplifies the process of inputting data and running different scenarios to calculate taxable income accurately.