Lets make this short and sweet. Most Individual taxpayers have a choice when it comes time to prepare for your Federal tax returns. Generally, you have two choices when it comes down to tax deductions: Standard Deduction – A base amount of income in which is not subject to tax or deduction used to reduce income by taxpayers who do not itemize. The standard deduction for 2006 is $5,150. Itemized Deduction - A deduction based on a...