What is the difference between itemized and standard deductions?
An example of an AI chatbot conversation about itemized vs. standard deductions.
What is the difference between itemized and standard deductions?
Itemized deductions allow you to list specific expenses to reduce taxable income, while standard deductions are a fixed amount.
Which one should I choose for my tax return?
It depends on your individual situation. If your itemized deductions exceed the standard deduction, you should itemize.
Can you give me examples of itemized deductions?
Sure! Common itemized deductions include mortgage interest, property taxes, medical expenses, and charitable contributions.
What are the current standard deduction amounts?
For 2023, the standard deduction is $13,850 for single filers and $27,700 for married couples filing jointly.
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