Income Tax
Most taxpayers have a choice of either taking the standard deduction or itemizing their deductions.
The standard deduction is basically a flat-dollar, no-questions-asked reduction in your adjusted gross income. Taxpayers may itemize deductions because that amount of their expenses is higher than their standard deduction, which will result in less tax owed or a larger refund. Taxpayers cannot take the standard deduction if they itemize their deductions.
Short-Form (Standard Deduction)
$100 Single $125 Head of Household $125 Married, Separate (each) $150 Married, Joint
Plus $100 each Schedule C (1099/self-employed)
Plus $100 each rental property on Schedule E
Plus $50 each additional state tax return
Long-Form (Itemized Deduction)
$150 Single $175 Head of Household $175 Married, Separate (each) $200 Married, Joint
Plus $100 each Schedule C (1099/self-employed)
Plus $100 each rental property on Schedule E
Plus $50 each additional state tax return
Partnership, LLC, Corporation
$700
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Joey Ramos, CTEC Registered Tax Preparer. Bond No. MBS0121189, expires 06/15/2028. RLI Insurance Company. www.ctec.org.
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