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Standard Tax Deductions
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Standard Tax DeductionsMost taxpayers claim the standard deduction — a fixed amount that reduces the income on which you are taxed. Here are the standard deduction amounts according to filing status.
If you are 65 or older and Married Filing Jointly or a Qualifying Widower you can add $1,100 to these figures ($1,400 if you are single or the Head of Household). You can also add $1,100 (or $1,400, depending on your filing category) if you are blind.
Laws on this topic may vary from state to state.
This content is not meant to provide you with complete information and it is not intended to be legal or tax advice. It is recommended that you consult with your own attorney, accountant or other advisor regarding your specific situation.
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