deduction, standard

deduction, standard
A standard amount that a taxpayer may deduct from gross income instead of itemizing individual expenses.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

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  • standard deduction — see deduction Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. standard deduction …   Law dictionary

  • deduction — An expense that is allowable as a reduction of gross taxable income by the IRS e.g., charity donations. Bloomberg Financial Dictionary * * * deduction de‧duc‧tion [dɪˈdʌkʆn] noun [countable, uncountable] the process of taking away an amount from …   Financial and business terms

  • standard deduction — The IRS specified amount by which a taxpayer is entitled to reduce income an alternative to itemizing deductions. Bloomberg Financial Dictionary * * * standard deduction standard deduction ➔ deduction * * * standard deduction UK US noun [C or U]… …   Financial and business terms

  • deduction — de·duc·tion n 1: an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due see also internal revenue code in the important laws section compare credit, ex …   Law dictionary

  • Deduction — may refer to: in logic: Deductive reasoning, inference in which the conclusion is of no greater generality than the premises Natural deduction, an approach to proof theory that attempts to provide a formal model of logical reasoning as it… …   Wikipedia

  • standard deduction — ˌstandard deˈduction [standard deduction] noun usually singular (US) a fixed amount of money that you can earn free of tax …   Useful english dictionary

  • standard mileage rate — The dollar amount per mile that the Internal Revenue Service sets annually for small businesses and self employed people to calculate their vehicle expenses for tax deduction purposes. Category: Business, LLCs & Corporations → Self Employed… …   Law dictionary

  • Standard deduction — The standard deduction, as defined under United States tax law, is a dollar amount that non itemizers may subtract from their income and is based upon filing status. It is available to US citizens and resident aliens who are individuals, married… …   Wikipedia

  • standard — Stability, general recognition, and conformity to established practice. Standard Accident Ins. Co. v. Standard Surety & Casualty Co., D.C.N.Y., 53 F.2d 119, 120. A type, model, or combination of elements accepted as correct or perfect. A measure… …   Black's law dictionary

  • Standard Deduction — A base amount of income that is not subject to tax and that can be used to reduce a taxpayer s adjusted gross income (AGI). A standard deduction can only be used if the taxpayer does not choose the itemized deduction method of calculating taxable …   Investment dictionary

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