What STANDARD DEDUCTION means: An amnount provided by the tax law in lieu of itemized deductions. A taxpayer whose gross income is not more than the sum of the standard deduction and exemptions generally does not have to pay tax. See our Standard Deductions rate table for the current amounts. The amount varies according to filing status. An additional amount is allowed for taxpayers 65 or older or blind. Taxpayers who may be claimed as dependents on other taxpayers' returns may have a reduced standard deduction.
- Definition Stock In Trade:
- Dictionary Property held primarily for sale to customers in the ordinary course of business standard deduction definition.
- Definition Short-Term Gain Or Loss:
- Dictionary Gain or loss on the sale or exchange of a capital asset held one year or less standard deduction explain.
- Definition Separate Maintenance Payments:
- Dictionary Amounts paid to one spouse by the other spouse under a court order or agreement while they live apart standard deduction what is.
- Definition Simplified Employee Pension (SEP):
- Dictionary An arrangement under which an employer makes contributions to an employee's individual retirement account (IRA), or a self-employed person contributes to his own plan standard deduction meaning.
How works Standard Deduction meaning in Tax definitions S .
