Overview: Standard tax deductions 3 Articles

by Berg Verdi

The IRS allows you to deduct basic living expenses on your personal income tax return. One option is to list exactly how much you spend on the various personal deductions that the tax law allows, or itemizing. The other op...read more

by Mark Johnson

A tax deduction is simply something that can be deducted from taxable income, thus reducing the income taxes owed. Most taxpayers can either itemize deductions or take a standard deduction, whichever results in the lesser...read more

by henigan

The Standard Deduction How modest is your lifestyle? Can you pay the rent and utilities with $5150 a year? Maybe you can't but the internal revenue service figures that some one in this country does. $5150 is the am...read more