Tax Deduction Consulting: Standard Federal Deductions Washington DC
Title: Financial Advisor
Company: Core Advisory, LLC
Registered Investor: Yes
Florida Tech /CFP
American Intercontinetal/BA - Maga Cum Laude
Institute of Business Finance/MSFS
Years Experience: 15
Wealth Management,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Stock Market Alternative,Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribu
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Frank & Darby Doe
Years of Experience: 33
Invoice, Estate Planning, Business Planning, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Annuities
Title: LPL Wealth Planner
Company: WealthPath LLC
Investment Advisor Rep: Yes
University of Oklahoma/MHR
University of Florida/BA
Years Experience: 7
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Integrity Financial Group, LLC
Education: B.A (Honors) Economics, St. Stephens College, DelhiAll India HS Humanities, Mayo College, Ajmer
Years of Experience: 27
IARFC, MDRT, FPA, SFSP, NAIFA
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The Planning Companies
Years of Experience: 19
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Tax Deduction Consulting: Standard Federal Deductions
Standard Deduction for Federal Taxes
Millions of tax payers use the standard deduction for their Federal Taxes each year. Is this the best choice for them?
The idea of deductions is to reduce your taxable income. The less taxable income that you have, the less your tax. The IRS knows that everyone is going to have some deductions. There are just too many of them and it is a rare person who does not have quite a few given the complex tax code. The idea of the standard deduction is really to make things a little less complicated and encourage people to take the easy way out of tax return preparation. When you select the standard deduction, you do not have to itemize your deductions.
This means that you do not have to save piles of receipts, nor do you have to worry about the validity of your deductions or fear having them questioned by an IRS audit. All you have to do is enter the standard deduction amount on your tax return and calculate your tax. The standard deduction changes every year. For the 2009 tax year, the amount is $5700 for a single tax payer or a married tax payer filing separately. The standard deduction is $8350 for Head of Household filers, and $11,400 for married filing jointly.
So, the standard deduction for Federal Taxes makes it a lot easier to fill out your tax return and saves all kinds of time and trouble in record keeping during the year. What it also does, most likely, is to insure that you pay more taxes to the Federal Government than you actually owe! It is almost as if the IRS has concluded that the majority of tax payers will look for the easy way out even if it means paying more.
The thing to do is prepare yourself to itemize your taxes and compare your result at the end of the year with the standard deduction. If your deductions exceed the standard deduction, you should itemize. If they do not, you can still go ahead and claim the standard deduction. Your choice in any given year does not lock you into a lifelong c...