What items fall under standard deduction?
Many costs and contributions are deductible, including charitable gifts, mortgage interest, student loan interest, some business-related costs and medical expenses.
How does the standard deduction work?
The term standard deduction refers to the portion of income not subject to tax that can be used to reduce your tax bill. The Internal Revenue Service (IRS) allows you to take the standard deduction if you do not itemize your deductions using Schedule A of Form 1040 to calculate taxable income.
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