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Under United States tax law, the standard deduction is a dollar amount that non-itemizers may subtract ... 2013 [17] $6,100 ... 1040 Instruction Booklet for year 2005 ...
The Tax Policy Center estimates that about 70 percent of taxpayers take the standard deduction on their returns, which is worth anywhere from $5,950 to $11,900, and opt out of the whole process of ...
Form 1040-X (officially, the "Amended U.S. Individual Tax Return") is used to make corrections on Form 1040, Form 1040A, and Form 1040EZ tax returns that have been previously filed (note: forms 1040-A and 1040-EZ were discontinued starting with tax year 2018, but a 1040X may still be filed amending one of these tax forms filed for previous years).
According to tax pros, itemizing generally only makes sense if your itemized deductions, taken together, add up to more than the current standard deduction of $13,850 for a single filer and ...
By Bonnie Lee Happy New Year! I don't know what you did on New Year's Eve, but we all know what Congress did: they finally hammered down some tax legislation for 2013 and beyond. These last ...
By contrast, a person who wins $3,000 in various gambling activities during the year and loses $3,500 in other gambling activities in that year can deduct only $3,000 of the losses against the $3,000 in income, resulting in a break-even gambling activity for tax purposes for that year—with no deduction for the remaining $500 excess loss.)
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