2007-11-19 07:53:43 · 4 answers · asked by Just ME ! 1 in Business & Finance ➔ Taxes ➔ United States
Bottom line: more money deducted from taxes. Once you become a homeowner, you get a massive tax deduction, much larger than the standard deduction. You can also deduct many more things, reducing your taxable income, and therefore your taxes.
There are many people who pay very little taxes by scrupulously following tax law.
2007-11-19 07:59:35 · answer #1 · answered by John T 6 · 0⤊ 1⤋
If the itemized deductions add up to more than the standard deduction you pay less taxes. If they are less than the standard deduction, then you get a warm feeling in your heart for going above and beyond in support of your country.
2007-11-19 16:25:07 · answer #2 · answered by Brian A 7 · 0⤊ 0⤋
If your itemized deductions are more than the "standard" deduction you will pay less taxes.
2007-11-19 15:56:20 · answer #3 · answered by Squat1 5 · 2⤊ 0⤋
If you have allowable deductions that are more than your standard deduction, and you have any tax liability, you pay less tax if you itemize.
2007-11-19 17:37:28 · answer #4 · answered by Judy 7 · 0⤊ 0⤋