- The IRS-specified amount by which a taxpayer is entitled to reduce income an alternative to itemizing deductions. Bloomberg Financial Dictionary
* * *standard deduction standard deduction ➔ deduction
* * *standard deduction UK US noun [C or U] ACCOUNTING, TAX► in the US, a system that allows someone to report a particular amount of income on which they should not pay tax: »
People over age 65 are eligible for a higher standard deduction than younger taxpayers.
Financial and business terms. 2012.
Look at other dictionaries:
standard deduction — see deduction Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. standard deduction … Law dictionary
standard deduction — ˌstandard deˈduction [standard deduction] noun usually singular (US) a fixed amount of money that you can earn free of tax … Useful english dictionary
Standard deduction — The standard deduction, as defined under United States tax law, is a dollar amount that non itemizers may subtract from their income and is based upon filing status. It is available to US citizens and resident aliens who are individuals, married… … Wikipedia
Standard Deduction — A base amount of income that is not subject to tax and that can be used to reduce a taxpayer s adjusted gross income (AGI). A standard deduction can only be used if the taxpayer does not choose the itemized deduction method of calculating taxable … Investment dictionary
standard deduction — An optional deduction allowed the taxpayer in computing net income for federal income tax. Internal Revenue Code § 141. A similar deduction in computing net income for state income tax … Ballentine's law dictionary
standard deduction — noun (countable usually singular) AmE a fixed amount of the money you earn that you do not have to pay tax on … Longman dictionary of contemporary English
optional standard deduction — See standard deduction … Ballentine's law dictionary
deduction — de·duc·tion n 1: an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due see also internal revenue code in the important laws section compare credit, ex … Law dictionary
Deduction — may refer to: in logic: Deductive reasoning, inference in which the conclusion is of no greater generality than the premises Natural deduction, an approach to proof theory that attempts to provide a formal model of logical reasoning as it… … Wikipedia
standard — Stability, general recognition, and conformity to established practice. Standard Accident Ins. Co. v. Standard Surety & Casualty Co., D.C.N.Y., 53 F.2d 119, 120. A type, model, or combination of elements accepted as correct or perfect. A measure… … Black's law dictionary