November 2, 2008
Two Types of IRS Deductions
There are two main types of IRS deductions, the standard deductions and the itemized deductions. You as a taxpayer can choose whether to take the itemized deductions or to claim the standard deductions.
For some people, it results in less taxes owed when they choose standard deductions whereas for others the itemized deductions are a lot higher. It is up to the taxpayer to choose which tax deductions to claim on their tax return.
Whatever, you choose, make sure you claim the most you can so that your taxable income will be lower and you will owe the IRS less.