A deduction allowed individuals instead of listing or itemizing deductible personal expenses. (See “Itemized deductions.”) The amount depends on the individual’s filing status. Additional amounts are available for taxpayers who are blind or are age 65 or over. Individuals may deduct either their standard deduction or the total of their itemized deductions, whichever is greater.
Standard deduction
January 25th, 2008 · No Comments
Tags: Tax Glossary
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