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Mark Kohler discusses the standard deduction versus itemizing on your 1040 tax return, with updated rules from 2018 to 2023. You should compare your itemized deductions to your standard deduction and take the greater amount. Typically, the standard deduction is more advantageous. For 2018-2023, the standard deduction is $12,000 for single filers and $24,000 for married couples. Be aware of the rules so you can determine which option is best for you come tax time.