Why Might Someone Choose to Use Itemized Deductions Instead of Taking

question 114

Multiple Choice

Why might someone choose to use itemized deductions instead of taking the standard deduction offered by the IRS?

• A)It is easier to calculate your itemized deductions versus the standard deduction.
• B)You may have a lower tax liability if you itemize instead of using the standard deduction.
• C)Married taxpayers must use the itemized deductions only.
• D)Most computer tax software automatically itemizes deductions.
• E)both B and C are correct.

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Definitions:

Keynesian Economics

An economic theory stating that government intervention through monetary and fiscal policies is necessary to manage economic cycles and stimulate economic growth.

Laissez-Faire

An economic philosophy advocating for minimal government intervention in business and the economy.

Progressivism

Broad-based reform movement, 1900–1917, that sought governmental action in solving problems in many areas of American life, including education, public health, the economy, the environment, labor, transportation, and politics.

Wilsonian Moralism

Refers to President Woodrow Wilson's foreign policy ideology focused on spreading democracy, supporting national self-determination, and promoting ethical practices in international relations.