Question

What is the main difference between a standard deduction and an itemized deduction? A) A standard deduction is the flat dollar amount taxpayers must add to their taxes. An itemized deduction is based on adding multiple contributions and taxes that have not been yet in the year. B) A standard deduction is based on adding multiple contributions and taxes that have not been yet in the year. An itemized deduction is the flat dollar amount taxpayers must add to their taxes. C) A standard deduction is based on subtracting multiple contributions and taxes already paid during the year. An itemized deduction is the flat dollar amount taxpayers can subtract from their taxes. D) A standard deduction is the flat dollar amount taxpayers can subtract from their taxes. An itemized deduction is based on subtracting multiple contributions and taxes already paid during the year.

Answer 1

Answer:

The correct answer is a) A standard deduction is the flat dollar amount taxpayers must add to their taxes. An itemized deduction is based on adding multiple contributions and taxes that have not been yet in the year.

Explanation:

Tax deductions serve people and companies to reduce expenses of the income they have that are subject to taxes. Tax deductions are divided into two:

1. Standard deductions: these deductions depend on the marital status of the people and aims to that despite all the expenses subject to taxes, one of the income does not have to pay taxes.

2. Itemized deductions: these are the expenses that are not entered in the standard deductions and are made in another form. These can be like paying a donation.

I hope this information can help you.

Answer 2

The main differences between standard reduction and detailed reduction are D.

Standard deduction is the number of taxpayers who can be deducted from their taxes. The detailed reduction itself is a reduction based on a reduction in the share of contributions and taxes paid during the year.

Further Explanation

The standard deduction is a part of non-taxable income that can be used to reduce tax bills. You can take standard deductions if you don't specify your deductions using Schedule A Formula 1040 to calculate taxable income. Your standard deduction amount is based on age, filing status, and whether you are deactivated or claimed as dependent on someone else's tax return.

Reduction of standard VS Reduction of Details

The biggest reason taxpayers use standard deductions is that the details must track every possible qualification fee throughout the year. Especially this year many people may find the amount of the standard deduction is greater than the total amount they can improve if they add up all the costs of reducing the eligible taxes separately.

Every four out of five people claim a reduction in standards, its advantages:

- It allows you to avoid keeping records and receipts of your expenses if you are audited by the IRS.

- It allows you to reduce even if you do not have costs that are eligible to claim detailed reductions.

- Eliminates the need to detail reductions, such as medical expenses and charitable donations

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a standard deduction and an itemized deduction brainly.com/question/8167631, brainly.com/question/13757943

Details

Class: High School

Subject: English

Keywords: a standard deduction, an itemized deduction, a standard deduction vs. an itemized deduction