The phrase
"standard deduction" refers to a fixed amount of money that can be subtracted from your income before calculating the taxes you owe. It is a simplified way provided by the government to reduce your taxable income, avoiding the need to itemize or list individual deductions.
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«standard»
«deduction»
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Phrases with «standard deduction»
Sentences with «standard deduction»
- As a result, the amount of eligible standard deductions for those filing jointly is double that of single taxpayers. (starloanservices.com)
- In addition, far fewer people will take those deductions going forward, because most people will use the new doubled standard deduction of $ 24,000 for a married couple. (washingtonpost.com)
- That would mean their proposals — lowered individual rates, doubled standard deduction, increased child tax credit, and repeal of the alternative minimum tax — would sunset after 2025. (businessinsider.com)
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