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The simplest possibilities are:

  • laziness (not wanting to bother to figure out the itemized deductions)
  • not wanting to keep records to back up the itemized deductions if one gets audited
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13y ago

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Some people use itemized deductions instead of the standard deduction What must be true for itemized deductions to lower your taxes more than the standard deduction?

Itemized deductions must exceed the standard deduction amount set by the IRS for your filing status. Common itemized deductions include mortgage interest, state and local taxes, and charitable donations. Additionally, your total itemized deductions should result in a greater reduction of taxable income compared to using the standard deduction.


What is the standard deduction for someone filing single?

The standard deduction for Single filing status is $5,700.00. When filing your federal return, you have a choice of the standard deduction for your filing status or itemized deductions, whichever is greater. For more information, go to the IRS Tax Topics screen, www.irs.gov/taxtopics. Select Tax Topic 551-Standard Deduction.


Is itemizing charitable deductions worthwhile on your taxes?

Any itemized deduction is worthy of taking. However, it is only worthy to itemize deductions to the extent the total of those deductions is greater than the "standard deduction" you would otherwise get by not itemizing. That amount starts at about $2000 and depends on other filing factors. Also, some States may allow you to take certain deductions against your state taxable income that the Feds would not, or wouldn't be beneficial there. If your using any of the software type programs, input all your possibilities and let the program figure it out.


What is an example of deduction in writing?

Just like in math, when you write, you can "deduce." Using the more familiar definition from those old math classes, it means to take away. This is also true in your writing. The idea is to come to a conclusion by removing all other otpions, like a process of elimination. You start with a large general idea and move to the exact detail that you want to prove by deducing. The standard deduction is a dollar amount that reduces the amount of income on which you are taxed. You cannot take the standard deduction if you claim itemized deductions. In some cases, your standard deduction can consist of two parts, the basic standard deduction and additional standard deduction amount, for age, or blindness, or both. In general, the basic standard deduction is adjusted each year for inflation and varies according to your filing status. The basic standard deduction of an individual who can be claimed as a dependent on another person's tax return is the greater of: # An amount specified by law, or # The individual's earned income plus a specified amount (but the total cannot be more than the basic standard deduction for his or her filing status).


Choose the Standardized Deduction?

For many people, it is usually in their best interest to use a standardized deduction. Unfortunately, there are a lot of people who simply can not bear the thought of letting their hard work in keeping receipts go to waste. The standardized deduction can offer a single person up to $5,700. This is usually a greater amount than any itemized deduction amount a person would be able to claim. Next year, rather than slaving away to itemize your deductions, simply claim the standardized deduction. You will save yourself a lot of time in saving old receipts and your sanity as well!


Claiming Tax Deductions?

When a person goes into an accountant's office to get his or her taxes done, that person often expects to be able to itemize deductions. When one sees a person walk into an office with a stack of receipts, that usually means a person has certain expenses he or she wants to write off. It is so funny to see how many people think it is worthwhile to claim certain itemized deductions, as opposed to simply claiming a standardized deduction. In many cases a person will earn more money in refunds by claiming a standardized deduction, as opposed to an itemized deduction. A person will likely earn a few hundred more dollars by claiming the standard deduction. When a person walks into an accountant's office, it is likely that many accountants will try to tell a person this helpful tip. Some people end up choosing to follow it, while other people try to go about their own way of filing taxes. When a person does not listen to this good advice, he or she will likely end up receiving a return that is a lot lower than what one anticipated. A person should truly research the differences between certain kinds of deductions, before deciding to claim any single one. Only when a person invests the time into learning about each kind of deduction, will he or she be able to make wise financial choices. Choosing to claim a certain tax deduction can be a lot smarter than claiming other types of deductions, as shown before. If a person wants the best refund possible, then a person should only claim those deductions that will help his or her situation rather than hurt it. It is also a good idea for a person to claim tax deductions when he or she has a family. A person that lives within a family will often be able to claim greater deductions than a single person, since there are more people that this person must support with his or her income. It is a good idea for families to figure out all of the deductions that they can ultimately claim on a certain tax return.


Are state income payments deductible on federal taxes?

Yes, State Income Taxes are deductible against Federal income; not the amount you owe the state, but the amount you actually paid through withholding, prior year credits, payments with the prior year state return, and/or estimated payments, during the calendar year for which you are filing Form 1040.You must file a 1040 Schedule A, Itemized Deductions in order to claim either state income tax or state salestax on your return. Your total itemized deductions need to be greater than your Standard Deduction to be of benefit to you.If you file a Form 1040, and itemize deductions on Schedule A, you have the option of claiming either state and local income taxes or state and local sales taxes. (You can't claim both.) If you saved your receipts throughout the year, you can add up the total amount of sales taxes you actually paid and claim that amount.If you didn't save all your receipts, you can still choose to claim state and local sales taxes. You can even use the Sales Tax Deduction Calculator to figure how much state sales taxes you can claim if you decide to go that route.Using the Sales Tax Deduction CalculatorTo figure the amount of optional general sales tax you are eligible to claim, just answer a few online questions and the system does the rest.First select the year you are filing taxes for. Then, using your ZIP Code and just a few entries from your draft Form 1040, the Sales Tax Deduction Calculator will automatically figure the amount of state and local sales tax you can claim. You will see the results from your entries immediately on your computer screen. Even if state and local sales tax rates changed during the year (e.g., due to changes in state and local rates or because you moved your personal residence), the Sales Tax Deduction Calculator can handle it.Your entries are anonymous and the information is collected solely to allow you to determine your total allowable deduction. All entries are erased when you exit or start over.


Why does a Uniform distribution have a greater standard deviation?

The answer depends on greater standard deviation that WHAT!


Do you take maximum deductions tax returns?

Maximizing deductions is a way to get a large refund but can also raise red flags with the IRS, if the deductions dont make sense for the filer. Careful documentation is also needed. The previous answer is NOT up to the normal sytandards of the submitter! In US income tax, there is no such thing as "maximum" deductions. in fact there ia one base amount - frequently called trhe minimum deduction - allowed everyone, regardless of their income or position otherwise. If your certified and supported tax deductible expenses add up to be GREATER than that (no maximum), then those may be used instead of the base amount. THIS IS CALLED "ITEMIZING DEDUCTIONS". Note, some deductions/expenses are different than others - and may only be allowed to offset that same or similar type of income.


What is greater gross pay or net pay?

Gross. It's what you earn before any deductions.


Can standard deviation be greater than mean?

Standard deviation can be greater than the mean.


What does it indicate if the mean is greater than the standard deviation?

It does not indicate anything if the mean is greater than the standard deviation.