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Standard Vs. Itemized Deductions
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Topic Summary

This topic has introduced the following changes affecting deductions:

  • The amount taxpayers can deduct for each exemption has increased from $3,400 to $3,500.

  • The standard deduction is higher in 2008 than in 2007.

  • For 2008, taxpayers who file using the standard deduction will be entitled to an additional standard deduction for state and local real property taxes
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