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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
We find that the two elements of the TCJA that generate the largest changes to state individual income taxes are the increase in federal standard deductions (a large tax decrease), and the elimination of federal personal exemptions (a large tax increase).
$20,000 is greater than her $13,600 standard deductions, so it makes sense for Laura to itemize.
In addition, Tsai said that the four standard deductions have been increased.
To receive tax savings from charitable giving while taking the standard deduction (including the additional standard deductions for elderly or blind taxpayers), an individual with an IRA who has attained age 70% might be able to use a qualified charitable distribution (QCD) to have an otherwise fully taxable IRA distribution go directly to charity.
tax codes, specifically increases in the size of standard deductions. He focused on 1988, when the standard deductions were increased from $2,540 to $3,000 for single filers and $3,760 to $5,000 for joint filers, and compared that year's data to the years before and after 1988.
Standard deductions increased slightly, while the personal exemption is unchanged from the 2016 level.
The Republican candidates' plans generally feature fewer tax brackets, lower tax rates, fewer or no itemized deductions, larger standard deductions or comparable credit expansions, and elimination of the alternative minimum tax (AMT), although they differ on the extent of the marginal rate reductions.
* Standard Deductions: The standard deduction amount for single or separate taxpayers increased from $3,992 to $4,044 for tax year 2015.
In Paul's proposal, current itemized deductions are replaced with the following standard deductions and exemptions:
The Internal Revenue Service (IRS) recently announced that in 2011, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation.

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