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taking the right deductions is essential for you to minimizing your income taxes and today in this video we are going to discuss just that it is important for you to determine whether taking the standard deduction or itemizing your deductions is gonna be more beneficial to you because reducing that tax bill should be a top priority first lets talk about the easier one and that is the standard deduction its usually what I take and its actually estimated that about nine out of ten Americans take the standard deduction now with the new tax laws that came into effect back in 2017 so who can take the standard deduction well pretty much anyone can take the standard deduction and thats why like I just mentioned about nine out of ten people do because it is more beneficial for them and its really easy the standard deduction is basically a set amount that pretty much everyone can take based on their filing status so if youre single you can take this amount of a standard deduction if you