The standard deduction reduces youradjusted gross income(AGI) and thus lowers your federal tax bill. TheIRSdetermines the standard deduction, generally increasing the amount every year to account for inflation. The amount you can deduct depends on your filing status. And if you’re 65 or older ...
Even if you knew every last deduction (and that would make you a tax accountant or a weirdo!), you’d still only know half the story. Today, we will explain away one piece of the tax puzzle: the federal tax brackets. The brackets and the deductions (standard and itemized) are the ...
Tax Breaks for seniorsConsider Benefits from Higher Standard Deduction, Limits on Taxable IncomeFeldman, Carole
All of these statuses have different qualifying rules, standard deductions, tax rates, and credit and deduction eligibility. An Example of the Standard Deduction Once you identify your standard deduction, you then can deduct that amount from yourtaxable income. For example, if you're married and ...