Standard Deduction - What is it?
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Standard Deduction - What is it?

  • The Standard Deduction is an amount that is subtracted from your total taxable income before calculating your tax amount.
  • It is adjusted every year.
  • There is a different deduction amount for state income taxes and federal income taxes.
  • You can deduct more than the Standard Deduction amount if you actually spent more on certain things. If you did, you can make a list of those expenditures and "Itemize Deductions".
  • You can either subtract a Standard Deduction or an Itemized Deduction, but not both.
  • The amount of the Standard Deduction varies depending on your filing status.
  • The amounts for tax year 2013 are as follows
  • Single - $6,100
  • Married filing a joint return with your spouse - $12,200
  • Qualifying Widower - $12,200
  • Head of Household - $8,950
  • Married filing separately - $6,100
  • Over 65 or blind and filing married - add $1,200
  • Over 65 or blind and filing unmarried - add $1,500
For more information visit the official IRS site for this topic here: http://www.irs.gov/taxtopics/tc551.html

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