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Mark Kohler discusses the difference between standard deduction and itemizing on a 1040 tax return, stating that you should compare the two and take the greater deduction. The standard deduction for singles is $12,000 and married couples filing jointly is $24,000 from 2018 to 2023. Itemized deductions may not be worth it for some, so it's important to know when to put in the effort to figure out which deduction is better for you.