How The Standard Tax Deduction Could Cost You

Tina Orem, NerdWallet.com
Fri, 02/09/2018 - 12:15pm

One of the biggest decisions people make at tax time is whether to itemize or take the standard deduction. Most people take the standard deduction, according to IRS data, but tax pros warn that if you’re not careful, taking the standard deduction could actually stick you with a larger tax bill.

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  • Topic no. 551, Standard deduction | Internal Revenue Service
    The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed. Your standard deduction consists of the sum of the basic standard deduction and any additional standard deduction amounts for age and/or blindness.
    04/24/2024 - 3:06 am | View Website
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    FS-2024-11, April 2024. A deduction reduces the amount of a taxpayer's income that's subject to tax, generally reducing the amount of tax the individual may have to pay. Most taxpayers now qualify for the standard deduction, but there are some important details involving itemized deductions that people should keep in mind. Standard deduction.
    04/24/2024 - 1:12 am | View Website
  • How much is my standard deduction? | Internal Revenue Service
    Page Last Reviewed or Updated: 16-Jan-2024. Share. Print. Your standard deduction depends on your filing status, age and whether a taxpayer is blind. Learn how it affects your taxable income and any limits on claiming it.
    04/23/2024 - 8:04 pm | View Website
  • What's the Standard Deduction for 2023 and 2024? | Kiplinger
    The standard deduction is a fixed dollar amount that reduces your taxable income. Itemized deductions can also reduce your taxable income, but the amount varies and is not...
    04/23/2024 - 7:36 pm | View Website
  • Standard deductions for 2023-2024 taxes: Single, married or over 65
    The standard deduction amounts increase for the 2024 tax year — which you will file in 2025. They are $14,600 for single filers and married couples filing separately, $21,900 for heads of ...
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