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Accounting for Every Penny

Updated: Mar 9, 2021

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The rise and fall of Schedule A was a shock to most people.

For one thing, there is a $12,000 and a $24,000 standard deduction for filing single and married, respectively. Accounting for every penny has become cumbersome. I usually don’t look at 1098s or charitable deductions; however, here's how not doing so got me into trouble.

I had a client with $25,000 in mortgage interest and $6,000 in charitable deductions. They were upset, and, honestly, I didn’t look at the forms because the standard deduction is so high. I got yelled at told to correct it.

Here's the lesson: Look at everything that is sent to you, because accounting for every penny means you do your due diligence.

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