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18 October, 00:10

What are exemptions and deductions? how should you choose between taking the standard deduction and itemizing deductions?

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  1. 18 October, 02:21
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    Exemptions are the amount that we can minus from the income showing some valid reason like dependents which can reduce the income where as deductions is the amount that is related to the expenses. Before choosing anything we must find out the total deductible expenditures and see if it is greater than standard deductions and if it is, itemizing deductions is chosen.
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