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2015 Standard Deductions, Exemptions & Credits Standard Deductions. All taxpayers will see a slight bump in the standard deduction. The standard deduction rises to $6,300 for singles and married persons

How to fill out standard deductions

How to fill out standard deductions:

1. Gather all necessary documents - Before starting the process, make sure you have all the required paperwork such as W-2 forms, 1099 forms, receipts, and any other supporting documents that might be needed to claim deductions.
2. Understand the standard deduction amount - The standard deduction is a predetermined amount set by the IRS, which reduces your taxable income. Familiarize yourself with the current standard deduction amount, as it may vary each year.
3. Determine your filing status - Your filing status will determine the standard deduction amount you are eligible for. The IRS recognizes different filing statuses such as single, married filing jointly, married filing separately, qualified widow/widower, and head of household. Choose the appropriate filing status that applies to your situation.
4. Calculate your itemized deductions - If you have expenses that exceed the standard deduction amount, you may consider itemizing deductions instead. Calculate your potential itemized deductions by considering expenses such as mortgage interest, medical expenses, state and local taxes, charitable contributions, and other eligible deductions.
5. Compare standard deduction to itemized deductions - Compare the total amount of your potential itemized deductions to the standard deduction amount you qualify for. If your itemized deductions amount to less than the standard deduction, it is usually more beneficial to take the standard deduction.
6. Use the right tax form - Depending on your filing status and eligibility for various deductions, choose the appropriate tax form to complete your return. The common forms are Form 1040, 1040A, and 1040EZ. Ensure that you fill out the correct form to accurately claim the standard deduction.

Who needs standard deductions:

1. Individuals with basic financial situations - Standard deductions are beneficial for individuals who do not have significant itemizable expenses. It simplifies the tax-filing process for those with lower income or fewer eligible deductions.
2. Those who don't own a home - Itemizing deductions often involves expenses related to mortgage interest and property taxes. If you do not own a home or have significant housing expenses, the standard deduction is likely the more advantageous option.
3. Taxpayers who want to save time - Filling out itemized deductions can be a time-consuming process. If you prefer a quicker and more straightforward approach to file your taxes, the standard deduction provides a faster way to complete your return.
4. Individuals with limited eligible deductions - Some taxpayers might not have enough qualifying expenses to exceed the standard deduction threshold. In such cases, utilizing the standard deduction is more beneficial and allows them to reduce their taxable income without the need for extensive documentation.

Remember, it is always advisable to consult with a tax professional or use tax software to ensure you take advantage of all eligible deductions and accurately fill out your tax return.

For pdfFiller’s FAQs

What is standard deductions?

Standard deductions are fixed amounts that reduce the amount of income that is subject to tax.

Who is required to file standard deductions?

Taxpayers who do not itemize their deductions are required to file standard deductions.

How to fill out standard deductions?

Taxpayers can fill out standard deductions by simply choosing the standard deduction amount provided by the IRS based on their filing status.

What is the purpose of standard deductions?

The purpose of standard deductions is to simplify the tax filing process for taxpayers and provide a basic amount of tax relief.

What information must be reported on standard deductions?

Taxpayers must report their filing status and the standard deduction amount they are claiming.

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