Tuesday, May 3, 2011

The Standard Deduction Club

It just occurred to me this week that very likely this year and for the rest of my life I will be taking the standard tax deduction as a result of drastically reducing my living expenses and my income.

Since decades ago I have itemized tax deductions yearly, with the primary deductions coming from my home mortgage and my church contributions. But while I expect to continue charitable contributions, I no longer expect to have a home mortgage.

So I guess that means I am joining the super duper elite Standard Deduction Club. Probably along with most of the people in my apartment complex. Shhh. Don't let out the secret.

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