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 ?
Changes to itemized deductions have made standard deductions more likely for many families, they said.
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.
Doubling those numbers would produce standard deductions of $12,700 for single filers, $18,700 for household heads, and $25,400 for married couples filing jointly.
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.
Thus, under prior law two unmarried individuals had standard deductions whose sum exceeded the standard deduction for a married couple filing a joint return.
If you are blind or 65 years of age or older, you might be eligible to claim for additional standard deductions.
Tax rate brackets, standard deductions, personal exemptions and several other amounts are adjusted annually for cost-of-living increases.

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