Tax deductions are tax allowable expenses that can be used by individuals or corporate taxpayers to lower the gross taxable income and ultimately the tax liability. These deductions are either categorized as a standard deduction or you can deduct them from your gross income as an itemized deduction. However, both deductions are dependent on your age and filing status.
For single taxpayers, the standard deductions are $12400 per year. For married taxpayers, if they are filing separately the deduction is also $12400 per year. The amount of standard and itemized tax deductions are changed every year.
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