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Standard Deduction VS Itemized Deduction
The 2022 standard deduction for single is $12,950 and for married filing jointly $25,900.
Since SALT is only $10,000 (i.e., less than standard deduction), wouldn't standard deduction be the obvious selection for normal workers (i.e., no business)?
I just want to check if I misunderstand the idea of deduction.
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March 8, 2023
6:09 AM