Choosing Standard Deduction Might Cut Tax Bill, AICPA Says; CPAs Offer Tax Tips about AMT and Tax Law Changes
U.S. Newswire, March, 2008
To: NATIONAL EDITORS
Contact: William Roberts, Director, Media Relations, 1-202-434- 9266, wroberts@aicpa.org; Shirley Twillman, Senior Manager, Media Relations, 1-202-434-9220, stwillman@aicpa.org
WASHINGTON, March 28 /PRNewswire-USNewswire/ -- It is conventional wisdom to itemize deductions on your tax return to save money, but sometimes that strategy is wrong, according to the American Institute of Certified Public Accountants. "Counterintuitive thinking can cut tax bills for many taxpayers," said Tom Ochsenschlager, vice president - taxation for the AICPA.
"Taxpayers often think they will pay less tax if they itemize, but they should calculate their tax bill using the standard deduction to see if that will save them more money," Ochsenschlager said....
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