Fill Form 8655 Deductions 2024

Yo yo yo, CPA strength here back with another video. This is gonna be my best income tax video ever, income tax tips or whatever. Anyways, before we get into this video, I'm gonna make this quick. But please subscribe to the channel. Do it for yourself guaranteed good luck for life, sirs. So subscribe to the channel, you'll have good luck. Hmm, also if you like this video, like this video right now for good luck for the rest of your life. You'll have good luck, okay? Let's get into this. This is gonna be standard deductions first, itemized deductions. I'm going into my 7th season as a tax preparer. I've done thousands of 1040s, which is where the individual tax returns. That's the form, but the individual tax returns called. So I've done thousands of these. Try to explain the difference between itemized and standard deduction every year. Let's see if I can explain it. Let's just do this, real standard deduction versus itemized deduction, their deductions, oh, and you know those other standard. Oh, yes, it's gonna be a one take. In a standard or one or the other one, you don't get both. You'll get one or the other. You can pick one. So if you only get one, you're gonna take the deduction that is the higher deduction because that lessens your income. Let's say you have $20,000. Anyways, you can pick one. Whatever's higher, standard deduction or itemized deduction, whatever is higher. The standard deduction is based on your filing status. There are five filing statuses. Alright, this is a 1040. You can only say there are five filing statuses and each one of the filing statuses I can go over there in a different video if you'd like. Each filing status, depending on...