Lesson: The Standard Deduction

In this lesson, explore the crucial topic of standard vs. itemized deductions alongside Nick Palazzolo, CPA, who brings a conversational flair to clarifying this core concept of individual taxation. Dive into the differences between the two methods of reducing taxable income, with a particular focus on the convenience and simplicity of the standard deduction, as well as when it might be advantageous to itemize instead. Through practical examples, including a case study involving a taxpayer named John, this lesson examines how taxpayers decide the best way to minimize their tax liability, and Nick ensures that all the intricacies, including additional deductions for seniors and the visually impaired, are easy to understand and remember for practical application.