Why Form 2220 Deductions 2023-2024

Welcome to Thought-Leaders featuring interviews with some of the best minds in the industry. Today's special guest is certified financial planner and registered investment advisor, Bravo Dell Wall Rihwan. I'm Steve Savant, syndicated financial columnist and talk show host. In this segment, we're talking about the basic understanding of tax deductions, exemptions, and credits for individuals to help you with your end-of-the-year appointments with clients and prospects, all from Rob's popular mindmap seminar series. But let's talk about this because you know, we touched it yesterday. I want to talk to me, don't we talk about deductions? I always go, which one's my client always says to me is the deduction worth more, is the exemption worth more, or is the tax credit worth more? So first of all, we have to value these three things that are helping to kind of lower our tax bill, right? Right. Well, let's talk about deductions. Where do they found? They're found on Schedule A, which is typically the third page of someone's 1040 that they file. First of all, if someone does not make have enough deductions, they take the standard deduction. But most people I work with, you work with, nice people watching, they itemize their deductions. And examples of itemized deductions, the very top thing is medical deductions, and it's based on age as well. So people over 65 can get a little bit big better fit better benefit than someone under 65. Something very common in Naples, Florida, as well as other parts of the United States, is people are buying into these continued care facilities. I mean, you know, go in, will be a condominium, will be a full-scale as they age, and they get less healthy, and they'll have full-scale nursing care, and typically they'll pay a lump sum going...