Who Form 8865 Deducting 2023-2024

Hey Mark Kohler here, and we're gonna talk about the standard deduction versus itemizing. Now, for everybody out there, if you're an American, you're gonna have to file a 1040 tax return. The rules have changed starting in 2018 until 2023, so you want to know the difference here because it could save you big-time on your tax return. Music Applause all right, the general rule is you want to add up your itemized deductions and compare them against your standard deduction. Whichever one is greater, that's the one you want to take. Now, you're gonna find out pretty quickly that my itemized deductions aren't that great, so you're gonna generally stick with standard deductions and not waste your time adding those up, but you want to know the rule so that you know when it's time to take that extra effort and figure out which one's better. Now, the rules are now, in 2018, 2019, and until the foreseeable future in 2023, there's a $12,000 standard deduction if you're single and $24,000 if you're married filing jointly. Now, that's where you're gonna fall on the standard deduction spectrum, and then again, compare it against the itemized deductions, okay? Now, there are five itemized deductions you want to track. The first one is medical. What medicals could include is all of your out-of-pocket medical expenses, not your medical insurance, but out-of-pocket medical expenses like dental, eye co-pays, deductibles, prescription drugs, acupuncture, massage, and there are tons of stuff you want to keep. Refer to IRS Publication 502 to look at what medical expenses might get thrown into this bucket. Now, the math is you're gonna add up all those expenses, and the expenses over and above 7.5% of your adjusted gross income go into the equation. For example, if you make $100,000...