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There are certain expenses that most taxpayers have every year that qualify as a deduction from your total income on your tax returns. The resulting calculation becomes an integral component of the tax return that defines your taxable income. It is the taxable income amount that is used to calculate your state or Federal income taxes. Additionally, the income tax laws provide a “standard deduction” for taxpayers who do not itemize, or where the taxpayer’s itemized deductions do not meet a certain threshold. Important – Taxpayers are entitled to use the HIGHER amount in the calculation of their tax liability, their “Itemized Deductions” or the “Standard Deduction”!