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There are many possible deductions, however a lot of people can’t/shouldn’t use them because of the large standard deduction. The question is how many people fi
by sseagull 5y ago
There are many possible deductions, however a lot of people can’t/shouldn’t use them because of the large standard deduction. The question is how many people file taxes which are basically W2 plus standard deduction? My bet is quite a lot.
Don’t let the perfect be the enemy of the good.
- acdha 5y agoThe figures I’ve seen have around 80% of taxpayers taking the standard deduction: https://taxfoundation.org/standard-deduction-itemized-deductions-current-law-2019/ https://taxfoundation.org/standard-deduction-itemized-deduct...
- sseagull 5y agoI feel like that is about right, especially with the higher standard deduction. I bought a house early last year for 250k. Including all the interest, fees, taxes, etc, plus all my family's medical expenses, and even things that I'm not sure I could include, I still couldn't reach the standard deduction. It really is a lot of money for most people.