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  2. Standard deduction - Wikipedia

    en.wikipedia.org/wiki/Standard_deduction

    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 amount of tax ...

  3. Tax breaks after 50 you might not know about - AOL

    www.aol.com/finance/tax-breaks-after-50-you...

    Here are additional 2024 standard deductions for those over 65 showing the IRS’s tax inflation adjustments: Joint filers and surviving spouses can deduct an additional $1,550 per person over 65.

  4. Taxes 2024: IRS Increases Tax Deductions $1,500 To ... - AOL

    www.aol.com/finance/taxes-2024-irs-increases-tax...

    Tax Deductions For the 2024 Tax Year. The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023.

  5. The Best Tax Deductions and Tax Breaks for 2023-2024 - AOL

    www.aol.com/most-americans-think-taking-entitled...

    27. Standard Tax Deduction. The standard deduction is a dollar-for-dollar reduction of your taxable income. Nearly all taxpayers are entitled to this deduction. The standard deduction amounts for ...

  6. Tax bracket - Wikipedia

    en.wikipedia.org/wiki/Tax_bracket

    If all itemized deductions are added up and it is less than the standard deduction, the standard deduction is taken. In 2007 this was $5,350 for those filing individually and $10,700 for married filing jointly. Personal exemption is a tax exemption in which the taxpayer may deduct an amount from their gross income for each dependent they claim ...

  7. Form 1040 - Wikipedia

    en.wikipedia.org/wiki/Form_1040

    The Individual Income Tax Act of 1944 created standard deductions on the 1040. [64] The tax return deadline was original set at March 1. This was changed to March 15 in the Revenue Act of 1918, and in the Internal Revenue Code of 1954, the tax return deadline was changed to April 15 from March 15, [64] as part of a large-scale overhaul of the ...

  8. 4 Ways To Find Tax Deductions That Work For You in 2024 - AOL

    www.aol.com/finance/4-ways-tax-deductions-2024...

    Most people take the standard deduction of $13,850 for single individuals or $27,700 for married couples filing jointly. ... 4 Ways To Find Tax Deductions That Work For You in 2024. Show comments ...

  9. Itemized deduction - Wikipedia

    en.wikipedia.org/wiki/Itemized_deduction

    If the amounts of the itemized deductions and the standard deduction do not differ much, the taxpayer may take the standard deduction to reduce the possibility of adjustment by the Internal Revenue Service (IRS). The amount of the standard deduction cannot be changed following an audit unless the taxpayer's filing status changes.