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If you keep good records, deductions can be a great way to reduce your taxable income. Increasing your allowable deductions means the less tax you owe and the more money you get to keep. To ...
If you keep good records, deductions can be a great way to reduce your taxable income. Increasing your allowable deductions means the less tax you owe and the more money you get to keep. To ...
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 ...
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 the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).
A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable ...
If the taxpayer claims the standard deduction for regular income tax, he or she cannot itemize deductions for the AMT. Thus, for a taxpayer who pays the AMT (i.e., their AMT is higher than regular tax), it may be better to itemize deductions, even if it produces a result that is less than the standard deduction. Deductions are reported in the ...
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.
Schedule L (until 2010) was used to figure an increased standard deduction in certain cases. [6] Schedule M (2009 and 2010) was used to claim the Making Work Pay tax credit (6.2% earned income credit, up to $400). [7] Schedule R is used to calculate the Credit for the Elderly or the Disabled.