1. A tax deduction is an item/ expense that's subtracted from the gross income to reduce the amount of income subject to tax and the actual amount reduced is depended on an individual's tax bracket. https://www.investopedia.com/terms/d/deduction.asp Moving forward, what is the difference between a standard deduction and an itemized deduction? Can you please provide an example of an itemized deduction and how it impact taxes due?
2. The 1040 form used by a taxpayer is influenced by the amount and type of his or her income, marital status, number of exemptions, types of deductions, and other forms that must be filed. According to the IRS web site, the three forms used for filing Federal Income Tax returns are the 1040EZ, 1040A, and 1040. Each form has certain uses and limitations. Moving forward, what sources of assistance would you recommend for a friend who is seeking help with his/her taxes?