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Deductions & credits
What??? The Standard Deduction is a good thing. Everyone gets a Standard Deduction. It is subtracted from your income before you pay tax. So you get taxed on a lower amount. Are you a dependent? Because the Standard Deduction is 12,400 or it can be less for dependents. It means the first 12,400 or in your case 2,750 of income is tax free.
March 17, 2021
10:09 AM