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2. Tax deduction - Wikipedia

   en.wikipedia.org/wiki/Tax_deduction

   Tax deductions above the line lessen adjusted gross income, while deductions below the line can only lessen taxable income if the aggregate of those deductions exceeds the standard deduction, which in tax year 2018 in the U.S., for example, was $12,000 for a single taxpayer and $24,000 for married couple. [1] [3]

3. The mortgage interest deduction could save you ... - AOL

   www.aol.com/finance/mortgage-interest-deduction...

   The standard deduction rises almost every year, and it can vary depending on your tax filing status. For tax year 2024—return you will file in 2025—the standard deduction amounts are:

4. Here’s what’s in the Senate GOP’s version of Trump’s ‘big ...

   www.aol.com/news/senate-gop-version-trump-big...

   The Senate bill as drafted would keep the cap on state and local tax (SALT) deductions at $10,000 a year, rolling back the deal that Speaker Mike Johnson (R-La.) painstakingly cut with blue state ...

5. Tax brackets and standard deduction to increase for 2022 tax ...

   www.aol.com/finance/tax-brackets-standard...

   The Internal Revenue Service announced annual inflation adjustments for the 2022 tax year, including the standard deduction and tax brackets. The changes take into account the rise in inflation ...

6. Tax Cuts and Jobs Act - Wikipedia

   en.wikipedia.org/wiki/Tax_Cuts_and_Jobs_Act

   For single filers, the standard deduction will increase from $6,350 to $12,000. About 70% of families choose the standard deduction rather than itemized deductions; this could rise to over 84% if doubled. The personal exemption is eliminated—this was a deduction of $4,050 per taxpayer and dependent, unless it is in an estate or trust. [19 ...

7. Last-Minute Tax Deductions to Take in 2022 - AOL

   www.aol.com/last-minute-tax-deductions-2022...

   With tax season in full swing and the April 18 filing deadline rapidly approaching, many Americans are once again wondering whether they should take a standard deduction or consider itemizing ...

8. Tax brackets and standard deduction to increase for 2022 tax ...

   www.aol.com/news/tax-brackets-and-standard...

   The Internal Revenue Service announced annual inflation adjustments for the 2022 tax year, including the standard deduction and tax brackets. The changes take into account the rise in inflation ...

9. Itemized deduction - Wikipedia

   en.wikipedia.org/wiki/Itemized_deduction

   If the amounts of the itemized deductions and the standard deduction do not differ much, the taxpayer may take the standard deduction to reduce the possibility of adjustment by the Internal Revenue Service (IRS). The amount of the standard deduction cannot be changed following an audit unless the taxpayer's filing status changes.