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Things taxpayers should know when choosing between standard and itemized deductions Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes.Most taxpayers have a choice of either taking the standard deduction or itemizing their deductions. The standard deduction may…
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Whether taxpayers regularly use a tax professional to help them file a tax return or they have decided to work with one for the first time, it is important to choose a tax return preparer wisely. Taxpayers are responsible for all the information on their income tax return. This is true regardless of who prepares the…
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