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Standard Deduction |
Also found in: Financial, Wikipedia | 0.09 sec. |
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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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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If they are greater than the standard deduction ($7,550 for heads of household for 2006 tax returns, $5,150 for single fliers), you should itemize. Charitable contributions are generally fully deductible as long as your itemized deductions exceed the standard deduction and you don't surpass statutory limits--50%, 30% or 20% of your adjusted gross income (AGI), depending on what you donate and whether the recipient is a public charity on an operating or non-operating foundation. Transforming the standard deduction into a refundable tax credit would not eliminate homelessness and poverty, but it would be an enormous benefit to the poor who were completely overlooked by the Bush tax cuts. |
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Standard Deduction
