The net result of Teton County School District No.1 Employee Compensation Package for fiscal year 2015-2016 is a model based salary schedule with a top ranking in the state.
Itemized Deductions are reported on Schedule A [Itemized Deductions]. Just like the standard deduction, itemized deductions are subtracted from your adjusted gross income. The difference is that itemized deductions are a tally of actual expenses you incurred that the IRS has determined you can take a deduction for.
Eliminates the need to itemize deductions, like medical expenses and charitable donations; Lets you avoid keeping records and receipts of your expenses in case youâre audited by the IRS; Itemized deductions. Itemized deductions also reduce your taxable income. Ex: If youâre in the 15% tax bracket, every $1,000 in itemized deductions knocks $150 off of your tax bill. You might benefit from itemizing your deductions on Form 1040, Schedule A if you: Have itemized deductions that total more than the standard deduction you would receive; Had large, uninsured medical and dental expenses; Paid mortgage interest and real estate taxes on your home