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Unlike the standard deduction, itemized deductions result in different taxable income amounts from person to person. Those who qualify for the standard deduction have the leeway to choose the itemized route; however, individuals who are not eligible for the standard deduction can only itemize their tax deductions.
Taxpayers can choose to use the standard deduction, or they can itemize deductions. The IRS says most taxpayers use the standard deduction. You have to do some math to determine which method to use, but itâs worth it.