 Income tax 2023-2024, taxes you paid overview. Get ready and some coffee because we're laying down the facts about income tax preparation 2023-2024. Most of this information can be found in the instructions for Schedule A Taxure 2023, which you can find on the IRS website at irs.gov, irs.gov. Looking at the income tax formula, we're focused on what I would call the below-the-line deductions. More specifically, the itemized deductions. Remember in the first half of the income tax formula, it's basically a funny income statement. Most income statements having income minus expenses resulting in net income here having income minus various deductions resulting in taxable income. Noting for taxes, deductions are good. Therefore, we're typically looking for more of them. The difference between the above-the-line deductions adjustments to income, in other words, and the below-the-line deductions being that the above-the-line deductions do not need to clear a hurdle, such as that standard deduction before we get a tax benefit from them, whereas the itemized deductions will need to be greater generally than the standard deduction before they become beneficial to us. Looking at the first page of the Form 1040, line number 12, where we take the greater of the standard or itemized deductions, the itemized deductions coming from the Schedule A. This is the Schedule A itemized deductions categories on the left-hand side, although this is not the entire form. These are going to be the standard deductions that we have to keep in mind because those are the hurdles that we need to clear before we can itemized if we are a single filer. For example, standard deduction we would need to clear is the 13850, double that for married, 27700, head of household in the middle, 20800, and if over a certain age and or blind, we have increases to those standard deductions that we can see on the right-hand side. If one or both of those are met single for married couples, you can have one to four of those items being met with the two people.