Standard vs. Itemized Deductions: The Cake Analogy You’ll Never Forget
Автор: KAKE Financial
Загружено: 2025-12-30
Просмотров: 86
Itemized vs Standard Deduction. Let’s use cake.
Think of your taxes like dessert.
Standard deduction:
This is the pre made cake. You get what you get, and don’t get upset. 😂
• Same size for everyone based on filing status (Single, Married Filing Jointly/Separately, Head of Household, Qualified Widower).
• Easy and quick
Itemized deductions:
This is the homemade cake. You bring the ingredients:
• Mortgage interest
• State and local taxes
• Charitable donations
• Medical expenses over the limit
• Only worth it if the ingredients add up to more than the pre made cake
The IRS lets you pick one cake.
You choose the one that is bigger.
Note: there are caveats for the status Married filing Jointly.
Save this so you can refer back to it during tax season.
#TaxTips #SmallBusinessTaxes #TaxEducation #deductions
#KAKEFinancial
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