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Standard deduction |
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Standard deductionThe IRS-specified amount by which a taxpayer is entitled to reduce income an alternative to itemizing deductions.Standard deduction Similar MatchesMarital deductionMarital deductionA tax deduction that allow spouses to transfer unlimited amounts of property to one another. Itemized deductionItemized deductionSpecific deductions allowed by the IRS outlined in the tax return. Interest deductionInterest deductionAn interest expense, such as interest on a margin account, that is allowed as a deduction for tax purposes. DeductionDeductionAn expense that is allowable as a reduction of gross taxable income by the IRS e.g., charity donations. Certificate of deduction of taxCertificate of deduction of taxA certificate, issued by a building society or bank (in accordance with Section 352 of the Income and Corporation Taxes Act 1988) to its customers with interest bearing accounts, in which gross interest, tax deducted and net interest are depicted. Further SuggestionsTax deductionMortgage interest deduction mortgage interest deduction Tax deduction deduction Unlimited marital deduction Dividends received deduction |
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