Under the current tax law

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Under the current tax law, all individuals must choose between a standard deduction or itemizing personal deductions. The choice between the two options depends on which one results in a higher tax deduction. Generally, taxpayers who have a significant amount of deductible expenses, such as homeowners with mortgage interest and charitable contributions or individuals with high medical expenses or casualty losses, will benefit more from itemizing deductions. On the other hand, taxpayers with relatively low deductible expenses will typically opt for the standard deduction, which is a set amount that reduces taxable income.

Under the Current Tax Law