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For 2010, the standard deduction for married couples filing a joint return is $11,400. The standard deduction for individual taxpayers and married couples filing separate returns is $5,700.
For the tax year 2010, the standard deduction remains unchangedat $5,700 for single taxpayers or for those married filing separately; it also remains. Each year, taxpayers have the option of ...
However, the additional deduction is $1,850 for unmarried individuals who are not qualifying surviving spouses. [26] For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than ...
One of the most fundamental decisions to make when filing a tax return is whether to itemize deductions or to use the standard deduction. The decision tends to be a financial one: You should ...
Standard deduction: Individuals get a deduction from taxable income for certain personal expenses. An individual may claim a standard deduction. For 2021, the basic standard deduction was $12,550 for single individuals or married persons filing separately, $25,100 for a joint return or surviving spouse, and $18,800 for a head of household.
The Individual Income Tax Act of 1944 created standard deductions on the 1040. [64] The tax return deadline was original set at March 1. This was changed to March 15 in the Revenue Act of 1918, and in the Internal Revenue Code of 1954, the tax return deadline was changed to April 15 from March 15, [64] as