Yes, that is correct. People who don't itemize their deductions will need to start itemizing. The standard deduction varies based on your marrital status, number of dependents, and so on.
Pretty much anyone who owns a house itemizes, because you get to write off your mortgage interest. Add in charitable contributions and all sorts of other stuff, and it's not hard to "Beat" the standard deduction. Hell, any poker player should be able to easily beat the standard deduction with their session losses, tourney buy ins, etc. It adds up pretty quick.
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02-09-06, 03:21 PM
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