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Mark Kohler discusses the difference between standard deduction and itemizing in tax returns. Americans filing a 1040 need to be aware of the rules that changed in 2018 and will continue until 2023. The general rule is to compare itemized deductions with standard deductions, choosing the greater one. For many, standard deductions are preferable as itemized deductions may not add up significantly. The standard deduction for single filers is $12,000 and $24,000 for married filers. Understanding these rules is important for maximizing tax savings.
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