Standard Deduction
/ˈstændərd dɪˈdʌkʃən/
Definitions
- (n.) A fixed dollar amount that taxpayers can subtract from their income before income tax is applied, without itemizing deductions.
The taxpayer opted for the standard deduction instead of itemizing expenses.
Forms
- standard deduction
- standard deductions
Related terms
See also
Commentary
The standard deduction simplifies tax filing by providing a uniform deduction amount, eliminating the need for detailed documentation of expenses.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.