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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 ...
The Basics: What Is a 1040 Form? A 1040 tax form lets taxpayers fill out their annual tax return. Taxpayers include information such as their income, deductions and credits using the 1040 form ...
Form 1040, officially, the U.S. Individual Income Tax Return, is an IRS tax form used for personal federal income tax returns filed by United States residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid to or refunded by the government. Income tax returns for individual calendar-year ...
If you're like most Americans, taking the standard deduction on your tax return is better than claiming itemized deductions. What's the Standard Deduction for 2020 vs. 2021? Skip to main content
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 ...
Standard deduction: Individuals get a deduction from taxable income for certain personal expenses. An individual may claim a standard deduction. For 2021, the basic standard deduction was $12,550 for single individuals or married persons filing separately, $25,100 for a joint return or surviving spouse, and $18,800 for a head of household.
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