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Deductions & credits
The standard tax deduction is a flat amount that the tax system lets you deduct, no questions asked.
Tax deductions allow individuals and companies to subtract certain expenses from their taxable income, which reduces their overall tax bill. The tax system gives you a choice of adding up all of your deductible expenses – and providing evidence of those expenses to the IRS upon request – or simply deducting a flat amount, no questions asked. That flat amount is called a "standard deduction."
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June 4, 2019
11:08 PM