#federal deduction

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It may be time to stop itemizing your taxes

It may be time to stop itemizing your taxes

Around this time of year, many taxpayers begin the annual ritual of pondering The Big Question: Do I take the standard deduction or spend time hunting for receipts and filling out extra forms to itemize? The decision largely boils down to whether itemizing will reduce your taxable income more than the flat, no-questions-asked standard deduction will, thus saving you money.

But a major plot twist…

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