Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 11:08:47 PM

Can you please tell me more about standard deduction

0 1 264
1 Replies
Level 2
Jun 4, 2019 11:08:48 PM

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."

Please click the link below for more information:

https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Deductions-and-Credits/What-Are-Standard-Tax-Dedu...