Standard Deduction

Also found in: Legal, Wikipedia

0.01 sec.

Standard deduction

The IRS-specified amount by which a taxpayer is entitled to reduce income an alternative to itemizing deductions.

Standard Deduction

In American tax law, the portion of an individual's or couple's income that is not taxed. The standard deduction is taken after computing the adjusted gross income. Taxpayers have the option of choosing between the standard deduction and making itemized deductions, based on medical expenses or local taxes paid. Itemized deductions may or may not result in a larger percentage of income that is tax free, and taxpayers usually take the larger deduction. The amount in the standard deduction varies from year to year, depending on inflation and a person's filing status. However, it is higher for persons over age 65 and blind persons.

standard deduction

The minimum deduction from income allowed a taxpayer for calculating taxable income. Individuals with few itemized deductions elect the standard deduction in place of itemizing deductions. Formerly called zero bracket amount.

Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content.

?Page tools

Printer friendly
Cite / link

Feedback
Add definition

Mentioned in	?		References in periodicals archive	?		Financial browser	?		Full browser	?
Adjusted Gross Income Deduction Form 1040 (Schedule L) Head of Household Itemize Itemized Deduction Itemized Deductions Publication 501 Tax Reform Act of 1976 taxable income Zero Bracket Amount Zero-Bracket Amount			The Home Office Tax Deduction Simplification and Improvement Act of 2009 directs the Secretary of Treasury to establish an optional standard deduction to encourage greater use of the incentive. Home office deductions could become simpler by The Weekly Advocate e-Newsletter Taxpayers and preparers need to consider the following RIA observation: Taxpayers who have qualified motor vehicle taxes for 2009 will have to determine which deduction maximizes their tax benefit for 2009: (i) A standard deduction that includes qualified motor vehicle taxes (see [paragraph] A-2812), (ii) An itemized deduction for state and local income taxes, plus a separate itemized deduction for qualified motor vehicle taxes (above and [paragraph] K-4518 et seq. Corrections and clarifications by Catalyst (Dublin, Ohio) For an unmarried filer, the standard deduction amount is $5,350, which is doubled for married taxpayers filing jointly. Save Money on Your Taxes. See What You Can Deduct! by Ron Finkelstein / Banking, finance and accounting community			stakeholder Stakeholders Stale Price Stale Price Arbitrage Stalking Horse Stalking Horse Bid Stalwart Stamp Duty Stamp Tax Stand up to Stand-Alone Company Stand-Alone Principle Standard & Poor's Standard & Poor's 100 Stock Index Standard & Poor's 400 Stock Index Standard & Poor's 500 Index Standard & Poor's 500 Stock Index Standard & Poor's Confidence Indicator Standard & Poor's Depositary Receipt Standard & Poor's MidCap 400 Index Standard & Poor's Midcap Index Standard & Poor's SmallCap 600 Index Standard & Poor's Underlying Rating Standard & Poor's/Citigroup Growth and Value Indexes Standard & Poor'sr Standard Deduction standard depth Standard Deviation Standard Error Standard Industrial Classification Standard Industrial Classification Code Standard Industrial Classification System standard metropolitan statistical area standard mortgage clause standard of care Standard Opinion standard practices of the trade Standardized Normal Distribution Standardized Value Standby Agreement standby commitment standby fee standby letter of credit Standby Underwriter Standby Underwriting standing standing timber Standstill Agreement Stanza di compensazione stapled stock Starker transaction			standard cylinder Standard d'Echange et de Transfer Standard d'Echange et de Transfert Standard data access interface Standard Data Element Standard Data Element System Standard Data Element-Based Standard Data Exchange Format standard data format standard data format standard data format Standard Data Header Standard Data Interface Standard Data Interface Format Standard Data Processing System Standard Data Processor Standard Data System Network Standard Data Transfer Format Standard Data Warehouse Standard Database Management System Standard Dataset Flight standard day of supply Standard Days Method Standard Days Method Standard de Pouvoir d'Achat Standard de Stat standard death certificate Standard Deduction Standard Deduction for Health Insurance Standard Deductions Standard Deductions Standard Default Assumption Standard Defence Supply System Standard definition Standard definition Standard Definition High Capacity Standard definition television Standard Delay File Standard Delay Format Standard Delivery Date Standard Depot Level Maintenance Standard Depot System standard depth standard depth-pressure recorder Standard Design and Development Process Standard Design Criteria Standard Design Guide Standard Desktop Configuration Standard Detailed Site Assessment Standard Development Kit standard deviate standard deviation standard deviation standard deviation standard deviation standard deviation standard deviation Standard Deviation between Replicates

Financial Dictionary

Free Tools:	For surfers: Free toolbar & extensions \| Word of the Day \| Help For webmasters: Free content \| Linking \| Lookup box \| Double-click lookup

Disclaimer
All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.