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Miscellaneous

What is the standard deduction for?

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ANSWER

The standard deduction reduces your taxable income by a certain amount ($12,200 for the 2019 tax year 4 individuals, $18,350 for heads of household, + $24,200 for married couples who file a joint return). Individual deductions consist of individual deductions based on potential eligible expenses.

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The standard deduction is how much the IRS allows each taxpayer to deduct from their taxes.

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