Page 29 - ur local cpa
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- One of the first decisions - The standard deduction amount
taxpayers must make when increases slightly every year.
completing a tax return is The standard deduction amount
whether to take the standard depends on the taxpayer's filing
deduction or itemize their status, whether they are 65 or
deductions.
older or blind, and whether
- There are several factors that can
another taxpayer can claim
influence a taxpayer's choice,
them as a dependent.
including changes to their tax
Taxpayers who are age 65 or
situation, any changes to the
older on the last day of the
standard deduction amount and
year and don't itemize
recent tax law changes.
deductions are entitled to a
- Generally, most taxpayers use the
higher standard deduction.
option that gives them the lowest Standard Deduction
- Most filers who use Form 1040
overall tax.
can find their standard
- As taxpayers begin to think about
deduction on the first page of
filing their tax return, here are
some things they should know the form. The standard
about standard and itemized deduction for most filers of
deductions. Form 1040-SR, U.S. Tax Return
for Seniors, is on the last page of
that form.
