|
|
Standard Deduction
The standard deduction is an amount set up by the Internal Revenue Code (IRC) for each tax year and reduces the taxpayer's taxable income. The standard deduction is adjusted each year for inflation and varies according to your filing status, to use it in your tax return, please click here.
Taxpayer who claims the Standard Deduction does not have to keep any
records to support it nor does he or she will be audited on that
specific item. For this year Standard Deduction amount, please refer to
Publication
501,
Exemptions, Standard Deduction, and Filing Information.
Where do I report Standard deduction? Standard deduction is claimed on
IRS form 1040, Line 40a and cannot be taken in lieu of itemized
deductions. |
| |
|
Back to Table of
Content |
Questions
About This Topic? |
|
|
|
|
|
list of tax deductions, tax deductions, tax deduction, free tax deduction, free tax deductions, best tax deductions, most common tax deductions
tax credits, tax credit, list of tax credits, free tax credits, free list of tax credits, best tax credits, most common tax credits |
|
