Evaluating Itemized Deductions and Standard Deductions

There are many tax professionals and individuals who have various questions on tax deductions. For this assignment, research and analyze tax deductions. You should focus on when to take the standard deduction versus itemization. In addition, explore how the standard deduction amounts are determined. Finally, provide examples of both itemized deductions and standard deductions. Support your paper with a minimum of four external resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included. Length: 5-7 pages, not including title and reference pages This assignment must demonstrate: —– Explored and analyzed the standard tax deduction and when to take the standard deduction rather than itemization. —– Explored how standard deduction amounts are determined and provided examples of both itemized deductions and standard deductions.