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What is an example of deduction in writing? |
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The standard deduction is a dollar amount that reduces the amount of income on which you are taxed. You cannot take the standard deduction if you claim itemized deductions.
In some cases, your standard deduction can consist of two parts, the basic standard deduction and additional standard deduction amount, for age, or blindness, or both.
In general, the basic standard deduction is adjusted each year for inflation and varies according to your filing status. The basic standard deduction of an individual who can be claimed as a dependent on another person's tax return is the greater of:
- An amount specified by law, or
- The individual's earned income plus a specified amount (but the total cannot be more than the basic standard deduction for his or her filing status).
First answer by ID1182860618. Last edit by Shaggirl1. Contributor trust: 0 [recommend contributor]. Question popularity: 1 [recommend question]





