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2. Standard deduction - Wikipedia

   en.wikipedia.org/wiki/Standard_deduction

   v. t. e. Under United States tax law, the standard deduction is a dollar amount that non- itemizers may subtract from their income before income tax (but not other kinds of tax, such as payroll tax) is applied. Taxpayers may choose either itemized deductions or the standard deduction, [1] but usually choose whichever results in the lesser ...

3. IRS tax forms - Wikipedia

   en.wikipedia.org/wiki/IRS_tax_forms

   Schedule L (until 2010) was used to figure an increased standard deduction in certain cases. [4] Schedule M (2009 and 2010) was used to claim the Making Work Pay tax credit (6.2% earned income credit, up to $400). [5] Schedule R is used to calculate the Credit for the Elderly or the Disabled. Schedule SE is used to calculate the self-employment ...

4. Capital gains tax in the United States - Wikipedia

   en.wikipedia.org/wiki/Capital_gains_tax_in_the...

   However, taxpayers pay no tax on income covered by deductions: the standard deduction (for 2022: $12,950 for an individual return, $19,400 for heads of households, and $25,900 for a joint return), or more if the taxpayer has over that amount in itemized deductions. Amounts in excess of this are taxed at the rates in the above table.

5. Should you itemize or take a standard deduction on your tax ...

   www.aol.com/news/itemize-standard-deduction-tax...

   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 ...

6. What Is the Standard Deduction Amount for 2022-2023 and When ...

   www.aol.com/difference-between-standard...

   Here are the standard deductions for the 2022 and 2023 tax years: Single: $12,950 for 2022, $13,850 for 2023. ... You can itemize deductions by filing Schedule A, Form 1040, Itemized Deductions. ...

7. Standard Deduction vs. Itemized Deductions: Which Is Better?

   www.aol.com/standard-deduction-vs-itemized...

   The federal tax filing deadline for individuals has been extended to May 17, 2021. Quarterly estimated tax payments are still due on April 15, 2021. For additional questions and the latest ...