Definition of «than one's standard deduction»

The phrase "than one's standard deduction" means something is greater than or more than what is considered normal, typical or expected. In tax terms, a standard deduction refers to an amount that can be subtracted from your total income on your tax return without having to provide detailed information about your expenses. The standard deduction varies depending on factors such as age and filing status. When someone's deductions are greater than their standard deduction, it means they have more expenses than the average person in their situation, which can result in a larger tax refund or a lower amount of tax owed.

Sentences with «than one's standard deduction»

  • What's more, you don't need your home - related tax deductions to amount to more than the standard deduction on their own. (studentloanhero.com)
  • That would still be less than your standard deduction for married filing joint and you would have NO tax benefit from those interest payment. (treesfullofmoney.com)
  • Mortgage interest is usually higher than the standard deduction in most cases. (freefrombroke.com)
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