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S tan d t o reason top 1 Solid Ground A FO u n d at ion for Boo l ding Ambassadors July / August 2012 Greg's video introduction to this Solid Grounds topic Print Friendly Version Quick Summary I'd

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What is standard deduction?

The standard deduction is a fixed amount that taxpayers can deduct from their taxable income to reduce their overall tax liability.

Who is required to file standard deduction?

Individual taxpayers can choose to take the standard deduction instead of itemizing their deductions if it results in a lower tax liability.

How to fill out standard deduction?

Taxpayers can simply claim the standard deduction on their tax return by checking the box indicating their choice.

What is the purpose of standard deduction?

The purpose of the standard deduction is to simplify the tax filing process and provide a basic deduction for all taxpayers.

What information must be reported on standard deduction?

Taxpayers must report their filing status and any qualifying dependents in order to determine the amount of the standard deduction.