Standard Deduction vs Itemized - Which One Saves You More? скачать в хорошем качестве

Standard Deduction vs Itemized - Which One Saves You More?

Learn the key differences between standard and itemized deductions in this informative video. Discover which deduction method can potentially save you more money on your taxes and how to determine which option is best for your financial situation. Watch now to make an informed decision when filing your taxes! Get your tax refund faster: https://bit.ly/e-file-taxes File and print your taxes for free: https://bit.ly/FreeTaxCom Ugh 🤦🏾‍♀️ - the CPA in me is always looking at the money! So, if you buy something through a link, I might get a commission. ----------------------------------------------------------------------------- As a former IRS Agent, I try to explain federal taxes to defend against an audit. While there are no guarantees, it’s good to have an insiders view. Disclaimer: The information presented in this video are general in nature and do not constitute financial or legal advice. Information presented is not intended to substitute for consultation with a Certified Public Accountant, tax professional, financial advisor, or an attorney. Specific tax, financial, or legal issues, concerns, and conditions always require the advice of appropriate professionals. Using the Internet for communications with the presenter or any associates will not establish a relationship, and messages containing confidential or time-sensitive information should not be sent. ❣️ Need more information? Contact us. N/A #standarddeduction #irs #itemizeddeduction #taxes 00:35 - Standard vs itemized deduction 00:35 - Who can't take the standard deduction 00:55 - Standard deduction 02:00 - Itemized deductions SUMMARY: Confused about itemized vs. standard deductions? This video explains everything! Understanding Deductions: • Standard deduction offers a flat amount based on filing status. • Itemized deductions allow you to deduct specific expenses. Who Can't Use the Standard Deduction? • Married filing separately with a spouse who itemizes • Filing a short tax return (less than 12 months) • Estates, trusts, partnerships, or nonresident aliens (restrictions apply) Standard Deduction Amounts (2024): • Single/Married Filing Separately: $14,600 • Married Filing Jointly: $29,200 • Head of Household: $21,900 • Dependents: $1,300 or earned income + $400 (whichever is greater, max standard deduction applies) Is Itemizing Right for You? • Only itemize if your total itemized deductions exceed the standard deduction. Common Itemized Deductions: • Medical Expenses: Must exceed 7.5% of adjusted gross income (e.g., doctor visits, prescriptions) • Taxes Paid: State and local income taxes, real and personal property taxes, or sales taxes (up to $10,000 combined) • Mortgage Interest: Up to $1 million for loans before Dec 15, 2017, $750,000 for loans after (limitations apply) • Charitable Donations: Cash & items (clothes, vehicles, etc.), fair market value deductible (proof required for donations over $500) Tips for Choosing: • Compare itemized deductions to the standard deduction every year. • Use free tax software to estimate your deductions before filing. • Consider free federal tax filing options (available in some states). Stay informed and make smart tax decisions! ABOUT US: Welcome to Tax Axe! It’s time to learn some federal income tax strategies. It's true taxes can be complicated, so we’re here to help you navigate it. On our channel, we believe you shouldn’t have to pay more tax simply because you don’t have enough knowledge on the subject. Ready to learn? 👉 𝐈𝐟 𝐲𝐨𝐮 𝐥𝐢𝐤𝐞 𝐭𝐡𝐢𝐬 𝐯𝐢𝐝𝐞𝐨, 𝐩𝐥𝐞𝐚𝐬𝐞 𝐥𝐢𝐤𝐞 𝐢𝐭 𝐚𝐧𝐝 𝐬𝐡𝐚𝐫𝐞 𝐢𝐭. 👉 𝐃𝐨𝐧'𝐭 𝐟𝐨𝐫𝐠𝐞𝐭 𝐭𝐨 𝐬𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐮𝐩𝐝𝐚𝐭𝐞𝐬    / @tax-axe   MEDIA COURTESY OF: