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Video instructions and help with filling out and completing Form 1040-EZ vs. Form 1040 Schedule A

Instructions and Help about Form 1040-EZ vs. Form 1040 Schedule A

So in this video i want to go over with you um itemized deductions on a 1040 tax return and the reason i want to go into some detail on this is a lot of tax preparers are asking their clients to provide all this information on their itemized deductions right their charitable contributions medical expenses um you know mortgage interest all this stuff and a lot of times it's just completely unnecessary because you can't itemize right so what's an example of that so in this um example we've got a single filer john q taxpayer so if you're a single filer in the u.s you're going to get a standard deduction at least for 2022 it was 12 200 and it'll go up a little more for 2022. everybody gets this right so the only way you would want really to itemize or the only real benefit would be if you had itemized deductions that totaled more than that amount right that's pretty it's pretty obvious right so if we scroll down and we look at a sample schedule a here so i filled this out with some model itemized deduction information for john but at the end of this you'll see that all of this was a waste if your tax repair is charging you you know on a per hourly basis to prepare the return and they're entering all this information they're asking you to get this information and at the end of the day the total itemized deductions you have don't exceed the standard then you wasted your time the taxpayer sorry the tax preparer overcharged you for the return because they didn't have to do this and so it's it's you know a lose for everybody well i guess the tax repair wins because...

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