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 ?
If you are blind or 65 years of age or older, you might be eligible to claim for additional standard deductions.
The tax brackets and standard deductions contained in the Internal Revenue Code are based upon the taxpayer's filing status.
Tax rate brackets, standard deductions, personal exemptions and several other amounts are adjusted annually for cost-of-living increases.
09 per mile as the amount for both of these standard deductions, using the same updated Runzheimer data (through October 1990) as outlined above, except that only certain operating expenses (gasoline and oil) are taken into account in arriving at these standard deduction amounts.
The FTB also takes into consideration filing requirement thresholds, standard deductions, and certain credits.
For tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, the IRS announced.
Standard Deductions -- The standard deduction increases to $10,000 for married couples filing jointly, $5,000 for single taxpayers or married taxpayers filing separately, $7,300 for heads of households.
The marriage penalty caused by standard deductions and the width of the 15% brackets is eliminated for some taxpayers for 2003 and 2004.
Standard deductions increased annually due to inflation adjustments.
Some of the changes in tax law include higher limits for earned income credit, increases in standard deductions and exemptions and the ability to subtract income tax or sales tax from federal taxes.

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