Standard Deduction


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Standard Deduction

The name given to a fixed amount of money that may be subtracted from the adjusted gross income of a taxpayer who does not itemize certain living expenses for Income Tax purposes.

References in periodicals archive ?
From taxing LTCG on investment in stocks and equity mutual funds to change in cess on income tax, FM Jaitley has proposed a number of changes like a standard deduction of Rs 40,000 for salaried individuals have also been introduced.
The Tax Cuts and Jobs Act of 2017 aims to simplify taxes for many individual taxpayers by increasing the standard deduction, eliminating the personal exemption, and lowering the tax rate brackets.
HB 918 would double the standard deduction for Georgia taxpayers for all filing statuses, effective Jan.
Therefore, we decided to apply a standard deduction of Rs.
The standard deduction has been increased (see table below).
The fact that the P5 million is considered as a standard deduction is a boon for many Filipinos.
You really have to have that missing piece of the puzzle about the standard deduction to know how that would work.
1, the standard deduction for most individual taxpayers will increase $12,000 for single filers and $24,000 for joint filers.
A taxpayers filing status can affect which credits and deductions theyre eligible for, the value of their standard deduction and their tax bracket.
It caps the mortgage interest rate deduction at $750,000 and increases the standard deduction, which will eliminate the tax benefits of homeownership for many people and could decrease sales and home prices in expensive areas.
Some taxpayers leave money on the table by opting for the standard deduction rather than spending time to itemize their deductions.
The Trump administration said it would provide tax relief to the middle class and simplify tax filing for ordinary Americans by doubling the standard deduction.

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