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DOH 5232 122216 Copy Form

DOH 5232 122216 Copy Form

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itemized deduction versus standard deduction what is that hey taxpayers it's tiffany gonzalez cpa here founder and ceo of accounting scale and we're back with another installment of what is that where we discuss financial terms you may have heard but we make them super easy to understand [Music] today we're talking about one of my favorite topics but likely not one of yours today we're talking about taxes specifically tax deductions so tune in and let's get started right at the beginning itemized versus standard deductions what is that i first want to start off by explaining what a tax deduction is essentially you make a certain amount of income and a tax deduction reduces the amount of that income so that your taxable income goes down and by default your taxes also go down a tax deduction is not a dollar for dollar reduction of your tax it is a reduction of your income for example let's say you make sixty thousand dollars and you have a

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