Standard deduction vs Itemized Deductions. When to use Itemized vs Standard Deductions 1040, 1040SR

Deductions - Standard deduction vs Itemized Deductions. When to use Itemized deductions vs Standard Deductions
This new 'How To' video covers Deductions, Standard deductions vs Itemized deductions.
Helpful IRS Form links for deductions and Form 1040 and 1040-SR:
Schedule A - Itemized deductions
www.irs.gov/pub/irs-pdf/f1040...
(Form 1040 or 1040-SR Itemized deductions)
Form 1040 U.S. Tax Return
www.irs.gov/pub/irs-pdf/f1040...
Form 1040SR US Tax Return for Seniors
www.irs.gov/pub/irs-pdf/f1040...
Standard vs Itemized Deduction video log...
0:55 Standard Deduction amounts
1:45 Who can't use Standard Deduction
2:30 Form 1040, Where to find Deduction Amounts
2:50 What does it mean to Itemize
3:10 When to Itemize vs take Standard deduction
3:26 Most common expenses to itemize
3:40 Mortgage interest deduction
4:35 Medical expense itemized deduction
5:20 Medical deduction example
6:22 Medical deduction - Chair lift
7:19 Items no longer deductions
7:53 Schedule A - Itemized deductions
Unsure of the new filing status when filing form 1040?
Helpful Form w4 Employee's Withholding Certificate links.
Form W4 and w-4 Estimator at IRS Tax .gov website:
W4 Estimator or IRS W-4 Form Estimator
www.irs.gov/individuals/tax-w...
W 4 IRS Form W-4
www.irs.gov/pub/irs-pdf/fw4.pdf
W4 Tax Form 2021 has 3 variations in 2021:
W4 Tax Form 2021 Single
W4 Tax Form 202 1Head of Household
W4 Tax Form 2021 Married Filing Jointly
Katie St Ores has also done other Standard Deductions related videos:
Items needed to prepare your taxes
How to replace missing W2
How to pay your taxes to the IRS
Katie St Ores CFP, ChFC, EA has done a 'How To file a W4' video for each W-4 Form:
Employee's Withholding Certificate
How to fill out a W4 Form 2021
How to fill out W4 single 2020 W-4
How to fill out a w4 Married Filing Jointly W-4 2021
How to fill out a W-4 Head of Household W4 2020
For W4 married filing separately, please watch How to fill out W4 single.
(W4 for Single is the same as W-4 for married filing separately)
Katie St Ores has also done other Form W-4 related videos:
W4 vs W2 What's the difference
W4 IRS Form W-4 Explained in 2021
IRS Form W2 explained
How to replace missing W2
How to pay your taxes to the IRS
Employee's Withholding Certificate
How to file a W4 Employee's Withholding Certificate form can be confusing. We hope these videos on W4's and W2's are helpful in completing these new IRS Forms in 2021. Remember, only steps 1 & 5 are required when filling out Form w4. Two more Form w 4 videos are to be completed soon. First, How to file a W4 Form and How to complete a W-4 form using the W4 Form Estimator. These will be in the new How to File form W4 Playlist.
Good luck and Thanks again...
Note: Please understand that these videos are for EDUCATIONAL purposes only and are very general.. All people and their financial situations are different. So it is important to consult your tax or financial professional.
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Katie St Ores CFP®, ChFC®, EA, LTC
• 97 Hours of Continuing Education each year to maintain Professional designations
• CFP® - Certified Financial Planner
• ChFC® - Chartered Financial Consultant
• EA - Enrolled Agent - Empowered by the U.S. Dept of the Treasury
• Licensed Tax Consultant -Licensed by the State of Oregon
• Registered Investment Adviser- Oregon Div. of Financial Regulation
• Tax Accountant - Markusen & Schwing CPA's
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Katie St Ores CFP
Independent Medicare Agent
McMinnville, Oregon 97128
Katie St Ores CFP®, ChFC®, EA, LTC
St Ores Wealth Management llc
www.SaintOres.com
2020, 2021 Women’s Initiative (WIN) CFP® Board
2020, 2021 Financial Women to Watch on KZbin
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[@luizas4687]

Great explanation! One of my favorite channels!

[@KatieStOresCFPChFCEA]

Great to hear!

[@jacobhernandez4347]

so clear on the below the line/ FROM AGI part of taxes, I appreciate your video. SUBSCRIBE

[@KatieStOresCFPChFCEA]

[9:52am PST] @SaintOres.com Thanks Jacob, glad it helped... and welcome aboard!

[@LadyHolyKnight]

I appreciate the quality of content and instruction you share in your channel. I wish you great endeavors

[@KatieStOresCFPChFCEA]

I appreciate that!

[@dineshthapa3544]

How to tax file irs 2024 ???

[@KatieStOresCFPChFCEA]

Hello Dinesh, I've got the perfect video for you on 'how to file'.... Here's the link. kzbin.info/www/bejne/kJbde4aPesd6mJY

[@yoheff988]

Any video on Americans not living in the US, how to deal with the subject of Tax Return?

[@KatieStOresCFPChFCEA]

[9:52 AM PST] @TaxesbyKatie.com Hey Yoheff, Sorry, I don't have a video like that but I'll do one after the tax season ends. If you are an American living abroad and filing a tax return, you should hire an accountant to do that for you. You may qualify for certain foreign earned income exclusions and/or foreign income tax credits you don't want to miss.

[@dempicy6091]

Can I just put 0 on the line for standard deduction if I only recieve social security and 3 dependents I dont normally file I just want to get the ctc?

[@KatieStOresCFPChFCEA]

[1:13pm PST] @TaxesbyKatie.com Hello Demp, On the line for the standard deduction, you should put the amount of applicable standard deduction. In your case as head of household, it will be $18,800.

[@o.c.2470]

So if itemized does not surpass the standard, use the standard. Correct?

[@KatieStOresCFPChFCEA]

[10:53am PST] @TaxesbyKatie.com Hey OC, Yes, correct. You will benefit from itemizing if your itemized deductions total is more than the standard deduction.

[@Lobsterman5481]

Where do I put my property taxes on this form without without itemizing?

[@KatieStOresCFPChFCEA]

[11:11am PST] @TaxesbyKatie.com Hey Roberto, If you are not itemizing, you are not putting property taxes in. You are using the standard deduction. You can either itemize or use the standard deduction.

[@Lobsterman5481]

@@KatieStOresCFPChFCEA thank you

[@KatieStOresCFPChFCEA]

@@Lobsterman5481 [12:21pm PST] @TaxesbyKatie.com You're welcome Roberto.