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Tax Glossary: Standard Deduction

Posted by McDonald & Osborne Posted on Oct 12 2015

Standard Deduction : A deduction allowed individuals who do not list or itemize deductible personal expenses. The amount depends on the individual’s filing status. Additional amounts are available for taxpayers who are blind or are age 65 or over. Individuals may deduct either their standard deduction or the total of their itemized deductions, whichever is greater.