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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 MatchesUnlimited marital deductionUnlimited marital deductionAn Internal Revenue Service provision that allows an individual to transfer an unlimited amount of assets to a spouse, during life or at death, without incurring federal estate or gift tax. DeductionDeductionAn expense that is allowable as a reduction of gross taxable income by the IRS e.g., charity donations. Mortgage interest deductionMortgage interest deductionIn the US, an allowable federal tax deduction for the annual interest paid on a mortgage. DeductionDeductionIn the US, an expense allowed by the Internal Revenue Service which is deducted from adjusted gross income to establish taxable income. These include interest payments and state and local taxes. The equivalent term in the UK is 'tax allowance', and the main one is the 'personal allowance' of tax-free income which every individual is entitled to. Marital deductionMarital deductionA tax deduction that allow spouses to transfer unlimited amounts of property to one another. Further SuggestionsDividends received deductionInterest deduction Mortgage interest deduction Tax deduction Itemized deduction Tax deduction certificate of deduction of tax |
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