Tommy Dobczyk breaks down standard versus itemized deductions. Most people get the standard deduction automatically, but itemizing can boost your refund if you have documented expenses to claim. The trade-off: convenience versus potentially more money back.
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I said, typically if you just earn a paycheck and they take your, they deduct your taxes automatically at the end of the year, they give you what's called a, you go to H&R Block, they call it a standardized deduction. And they just say, this is what every American typically spends. So we're going to, if you overpaid your income taxes, you're going to be able to get some money back because we only needed, we only needed $50,000 and you paid $80,000. So we're going to give you $3,000 back. Right. So, and that's how that works. And so. You go in and say, but wait a minute, I have all these other deductions. You can increase your tax return because you got out of standardized deduction and go into itemized deduction. And when you itemize, you have to sit there and prove everything you're trying to itemize.