Itemized Deduction vs. Standard Deduction, Explained.

"Itemized Deduction vs. Standard Deduction... What is that?!?"

Hey Taxpayers, Tiffany Gonzalez is back with another great installment of "What is that?!?" Where we bring you financial terms and topics and make them easy for you to understand.

Today we are talking about Tax Deductions, the Itemized Deduction and the Standard Deduction. We will bring you what a deduction is, how it works, and the differences between these two options. The wrong choice could lead to higher taxes!

So tune in and let's get your financial IQ. up!

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Disclaimers & Disclosure:
This content is for education and entertainment purposes only. Tiffany Gonzalez CPA and Accounting to Scale are not providing Tax or Investment advice. The information is being presented without consideration of the financial circumstances of the taxpayer/investor, financial objectives or risk tolerance and may not be suitable for all taxpayers/investors. We don't make any guarantees or promises as to results that may be obtained using our content. All investing involves risk, including risk of losing investment principal.

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[terence]

This is by far the BEST explanation of the standard deduction on the internet. Hands down!

[lilitavetikyan]

Finally, someone explained clearly! Thank you

[MaravillaAC]

Omg, 3 years of itemizing and i finally get it. I have absolutely no need to itemize anymore. Ill never hit $12, 000 what a time saving oportunity

[ShiceTea]

Thanks for the clear explanation and fantastic examples!

[NewsforThought-English]

brain blast how simple this has been but never explained well lol thank you

[FutureTechInnovationsLLC]

Thank you for the great information 🙏👍

[ci]

So grateful for this explanation, Thank You!

[jonathanmoraes]

This was so easy to understand. Thanks!

[CpT_PrInCeSs]

Thank you for the clear straightforward

[shellyyybeannn]

Very informative!! Explained perfectly!!

[Sloba]

Best explanation on YouTube, keep making videos like this so we can learn more, thank you so much cute ☺️

[LauraNunez-boev]

Loved your video, and how you explain things

[gok_emphazizproductions]

Thank god for you yo. Love the teaching style. I can’t understand anyone else❤😂👌🏾

[erickarodriguez]

I’m in my 20s and I had no idea what a tax deduction was. Now I know. Thanks!

[KEVINSURIEL]

Something to note is that

you can only take What (exceeds) 7.5% of your AGI for Medical and Dental Expenses

If your AGI was 50k
7.5% of that is $3750
If your medical expenses were 3000 and dental 500 that is only $3500 so you can not take anything for neither medical nor dental but if let say your
medical and dental added to 10k for some reason then you can take (10k - 3750) === 6250

The above is true only if you are not doing standard deduction

[g.t.richardson]

5/6 years ago I did about 55 returns for people, probably 10 were for peoples high school and college age kids, out of the other 45 … 43 itemized and it was worth it
The year the law changed it was down too two. Someone who had a 375000 mortgage, and an older wealthy lady who donates 25000 and had real estate taxes

I got out of the business shortly after that because I told most of them they could do it themselves. Still do the wealthy lady

[arthurB]

I can’t get it why does standart deduction doesn’t apply on my tax return when i file as self employed it says I’m eligible for the deduction but when it comes to federal tax it doesn’t reduce my income

[majestyxu]

@Accounting to Scale Thanks so much for your video. I am a food delivery driver that has racked up several hundred miles for deliveries. My question is can I do a mileage deduction, which is about .65 cents per mile for 2023, AND take a standard deduction as well, which is about $13000 for 2023? I always thought that taking a mileage deduction means I would have to file as an itemized form as opposed to the standard deduction.

[jaimeramirez-ztdd]

What other expenses/ assets can i deduct/claim off my car even if i take standard deduction as a gig worker?

[CpT_PrInCeSs]

If you purchase a mobile home and are paying it in payments, is it treated the same as a house? Will I be able to use those interest payments and the insurance premiums as an itemized deduction?