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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.
The Standard Deduction and Itemized Deductions. When you file a tax return, you will either take the standard deduction for your filing status, or you will itemize deductions. Find out which is best for you.our total deductions are subtracted from your taxable income in order to determine your total tax bill for the year. Tax credits are similar to tax deductions, but they reduce your tax bill dollar for dollar.