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What are standard deductions?
Question
Asked 9/30/2010 9:29:28 PM
Updated 12/28/2018 10:16:00 AM
2 Answers/Comments
Flagged by alfred123 [10/19/2014 12:34:27 PM], Edited by andrewpallarca [10/19/2014 12:47:42 PM]
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User: What are standard deductions?

Question
Asked 9/30/2010 9:29:28 PM
Updated 12/28/2018 10:16:00 AM
2 Answers/Comments
Flagged by alfred123 [10/19/2014 12:34:27 PM], Edited by andrewpallarca [10/19/2014 12:47:42 PM]
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The standard deduction, as defined under United States tax law, is a dollar amount that non-itemizers may subtract from their income and is based upon filing status.
Added 10/19/2014 12:34:22 PM
This answer has been confirmed as correct and helpful.
Confirmed by andrewpallarca [10/19/2014 12:47:32 PM]
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Standard deductions ensure that all taxpayers have at least some income that is not subject to federal income tax. Standard deductions generally increase each year due to inflation. You have the option of claiming the standard deduction or itemizing your deductions. However, you can never claim both in the same year. You will find that many states that impose an income tax will also allow you to claim a similar type of deduction on your state income tax return.
Added 12/28/2018 10:16:00 AM
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