Are You Standardized or Itemized

tax tip

When filing your income taxes, you must tell the IRS if you would like to take the standard deduction or the itemized deduction.

The standard deduction is a deduction of a set amount without any work or proof required on your part.  However, the standard deduction depends on whether you are single, married, widowed, and have dependents.

The itemized deduction is a deduction that is made up of multiple deductions, including sales taxes, income taxes, property taxes, mortgage interest, medical expenses, real estate taxes, theft losses, and charitable contributions.

If you need help filing your income tax return and deciding which deduction is right for you, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.

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