Finance & Business

Feb 25 2020

#Federal #standard #deduction-Federal standard deduction

Federal standard deduction Standard Deduction What Is the Standard Deduction? The Internal Revenue Service (IRS) standard deduction is the portion of income not subject to tax that can be used to reduce your tax bill. You can take the standard deduction only if you do not itemize your deductions using Schedule A of Form 1040 to calculate taxable income. The amount of your standard deduction is based on your filing status, age, and whether you are disabled or claimed as a dependent on someone else’s tax return.   Key Takeaways The IRS standard deduction is the portion of income …

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