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Standard deduction
Do I pay the Standard Deduction or do I get that money?
You do not pay deductions and it is not money you get. Deductions reduce the amount of taxable income you owe taxes on.
For example:
- The standard deduction for a single person is $6300
- If I made $25000 in 2015, and took the standard deduction
- I owe taxes on $18700 (25000-6300)
So by reducing the amount you are taxed on, you will (typically) receive a bigger refund or owe less taxes.
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