Itemized Deductions Explained | Standard vs Itemized Deduction | 1040 Schedule A | 2020 Taxes

Let's walk through the form 1040 Schedule A and break down all of the possible itemized deductions you can claim on your taxes for 2020. I also offer tips on how to quickly determine whether you should take the standard vs. itemized deduction.

Itemized Deductions Explained | Standard vs Itemized Deduction | 1040 Schedule A | 2020 Taxes

The tax code seems to change almost daily nowadays. Even since filming this video, the American Rescue Plan Act was passed. Check out my video (linked below) where I break down how that bill affects your 2020 and 2021 taxes. This video focuses specifically on the form 1040 Schedule A for the 2020 tax season.

I explain what itemized and standard deductions are and how they differ from above-the-line deductions. I also give some tips on how to track your expenses through the year to be able to quickly calculate your potential itemized deductions come tax filing season. If you haven't been tracking your expenses, I also offer quick ways to guesstimate whether going through the trouble of itemizing will be worth your time.

Don't let tax filing scare you. There are plenty of software programs that carefully walk you through the process, and watching videos like this one will help you to understand what information you need and why so that you can maximize your tax refund or minimize your tax bill each year.

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TIMESTAMPS
00:00 Intro
01:44 Above-the-line vs Below-the-line Deductions
03:01 Itemized vs Standard Deductions
05:46 Schedule A Itemized Deduction Categories
06:31 Should I Itemize or Take the Standard Deduction?
11:50 What to Know About Medical Expenses, Charity Giving, and Casualty & Theft Deductions