A fixed deduction allowed to taxpayers who do not itemize.
fixed deduction allowed to taxpayers who do not itemize. see also filing status.
A minimum deduction that may be taken in lieu of itemizing deductions on a tax return, such as charitable contributions, mortgage interest, or state and local taxes. Typically, taxpayers with small deductible amounts that could be itemized choose to take the standard deduction. There are different standard deductions for single, head of household, and joint returns.
For federal tax purposes, the standard deduction provision in the IRS code offers individual taxpayers an alternative to itemizing their deductions. Current tax rules index the allowable standard deductions to inflation and adjust the amount annually.
Additional amount of money, similar to the personal exemption and based on filing status, that non-itemizing taxpayers may shield from income.
The IRS-specified amount by which a taxpayer is entitled to reduce income an alternative to itemizing deductions.
A prefixed sum of income, which cannot be taxed, and is available to those who do not itemize deductions.
A deduction of a set amount allowed to individuals, instead of listing or itemizing deductible personal expenses. (See " Itemized deductions.")
A blanket deduction that depends on the taxpayer's filing status, age, and vision and can be taken by a taxpayer who doesn't have sufficient itemized deductions.
a flat amount that the IRS allows people to deduct from their taxable income, and the amount will depend on your filing status
Reduces the income subject to tax and varies depending on filing status, age, blindness, and dependency.
The federal income tax deduction for taxpayers that do not itemize their deductions. Taxpayers who take the standard deduction instead of itemizing currently enjoy no income tax benefit from making charitable donations.
A below-the-line deduction that any individual taxpayer may take from AGI. The deductible amount is determined by the taxpayer's filing status. This deduction is used in place of itemized deductions if the standard deduction amount exceeds the total itemized deductions available.
a base amount allowed according to filing status in lieu of itemizing deductions
An amount based on filing status, age, and/or blindness that taxpayers may deduct from their federal adjusted gross income before tax is computed.
A predetermined amount of income that is not subject to taxes and is claimed when an individual does not itemize deductions.
The amount a taxpayer who does not itemize his or her federal tax deductions can deduct in determining taxable income.
A deduction you use if you do not itemize your deductions.
An amount (based on filing status, age and blindness) that can be subtracted from adjusted gross income to calculate taxable income. You use the standard deduction in lieu of itemizing deductions.
An amount (based on filing status, age, blindness, status as a dependent, and amount of earned income) that can be subtracted from adjusted gross income in figuring taxable income. The standard deduction is not used if itemized deductions are claimed.
You are entitled to take a standard deduction on your income tax return, in lieu of your actual itemized deductions. You can compare the two methods and take the one most advantageous to you. And you can change methods every year. Why would the IRS allow this? The standard deduction has been increased as the years go by so that fewer and fewer people will itemize their deductions. This saves the IRS and the taxpayer lots of time in audits and in recordkeeping.
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.
A base amount of income not subject to tax. The regular standard deductions for 1999 are $4,300 for single taxpayers, $6,350 for heads of household, $7,200 for married couples filing joint returns and qualifying widow(er)s, and $3,600 for married persons filing separately. Taxpayers who are blind and/or age 65 or older have higher standard deductions. Taxpayers who may be claimed as dependents on other taxpayers' returns may have reduced standard deductions.
a set amount used to reduce income by taxpayers who do not itemize.
A deduction used to reduce income by taxpayers who do not itemize. The amount of the deduction depends on your filing status: if you are 65 or older, if you are blind, and whether you can be claimed as a dependent on another taxpayer=s return.
A base amount of income used by taxpayers who do not itemize their deductions.
The standard deduction is a no-questions-asked write-off from taxable income. The amount varies depending on your filing status. For 2006, for example, the standard deduction is $10,300 on a joint return, $5,150 on a single return and $7,550 on a head of household return. Taxpayers age 65 and older get larger standard deductions. Unlike taxpayers who itemize deductions, you need no records to prove you deserve this deduction. Even if you somehow made it through the year without incurring any deductible expenses, you may still claim the full standard deduction. About two-thirds of all taxpayers use the standard deduction instead of itemizing their deductions.
The Standard deduction is a dollar amount that non-itemizers may subtract from their income and is based upon filing status. It is available to individuals, married persons, and heads of household and increases every year. Additional amounts are available for persons 65 and over, blindness, or both.