Tax season is well underway. If you haven’t already filed your income tax return for the 2023 tax year, you’re either getting ready to start the process or already in the swing of things. One of the questions you might need to address is whether to take the standard deduction or itemize your tax deductions.
The answer to that question is really easy, at least in theory. You take the deduction that offers you more tax savings. But how do you know which one offers more tax savings? That’s a tougher question and its answer depends on your unique situation. However, if you’re like most taxpayers, you’ll be better off taking the standard deduction. But why is that? We’ll answer that question in this blog post, but before we do, let’s take a quick look at tax deductions.
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