Thursday, November 10, 2011
Deduction: Standard or Itemized?
I am doing my dad's taxes and am trying to figure out whether to file standard or itemized. His taxable income was really low this year, since he only worked (self employed) for 4 months and then became disabled. His deductions are much higher doing them itemized but due to the low income it doesn't change the return amount when its standard or itemized. Since it doesn't change the return I am thinking that we should just file standard to save some paperwork, but I want to make sure that It will not affect next year or draw any red flags since he itemized the last 10 years.
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