Standard Deduction vs. Itemized Deduction

You may be confused about the differences between itemized and standard deductions. They both have a different impact. That's why it is important for you to figure out which kind will work best with their particular situation - itemized or standardized?

0:00 Introduction
0:56 Difference between standard deduction and itemized deduction
1:28 How do you determine itemized deduction?
1:44 Standard deduction calculation example
2:59 How does standard deduction affect taxable income?
3:45 Itemized deduction calculation example
3:50 How to find out your itemized deductions?
4:00 The components of the itemized deduction
5:17 The state and local tax limitation on itemized deduction
7:15 Standard deduction vs. itemized deduction

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DISCLAIMER: THIS VIDEO IS FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS TAX, FINANCIAL, OR LEGAL ADVICE. EVERY PERSON’S SITUATION IS DIFFERENT AND YOU SHOULD CONSULT WITH YOUR OWN FINANCIAL AND TAX ADVISOR FOR ADVICE SPECIFIC TO YOUR SITUATION. COMMENTS ARE NOT REVIEWED

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ACap will not respond to comments seeking tax or financial advice. Please consult a CPA or CFP who is familiar with your individual circumstances.