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1040 Tax Table Form

1040 Tax Table Form

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IRS Schedule a itemized deductions so for taxpayers who are individuals filing their annual tax return the IRS gives you a choice between electing the standard deduction to reduce your taxable income or reporting itemized deductions in order to reduce your overall taxable income so most taxpayers will choose the larger of the two although there may be times when people decide to itemize tax deductions even if the federal tax bill will be lower using the standard deduction specifically because of state tax incentives or programs that might make it a better overall tax situation for them to itemize so we're going to go through how to complete this form you'll see different categories of expenses that taxpayers can itemize we're not going to go too deep into any one of these situations there will be links in the show notes to other videos where we go into much more depth for example when it comes to medical and dental expenses we'll briefly discuss the rule

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