Significados de standard deduction en inglés

The bill would roughly double the standard deduction for individuals and families.

Charitable organizations are not arguing against increasing the standard deduction.

Instead of claiming the standard deduction, about one-third of taxpayers, mostly high-earning Americans, itemize deductions.

Historically, a majority of U.S. taxpayers have claimed the standard deduction on their federal tax bills.

Charities fear giving would plummet if the standard deduction were doubled without creating a universal deduction.

It would raise the standard deduction and cap itemized deductions, which he said would reduce tax loopholes.

Critics say doubling the standard deduction would make the mortgage-interest deduction a benefit for only higher-income taxpayers.

Doing that is worthwhile, in most cases, if the total of itemized deductions exceeds the standard deduction.

It would offer federal income tax non-itemizers a new standard deduction for state and local property tax payments.

The standard deduction is a fixed dollar amount, claimed by about two-thirds of taxpayers, that reduces taxable income.

Beyond that, it would increase the caps for the standard deduction while eliminating most other personal deductions, Cohn said.

You can use the latest Form 1040 Schedule A to determine whether itemizing is better than claiming the standard deduction.

This year the standard deduction for a couple is $24,800.

But Virginia's standard deduction is low, just $3,000 for singles and $6,000 for married.

With the higher standard deduction, the math turns the decision to buy or rent upside down from current conditions, said Trulia's McLaughlin.

If the standard deduction becomes larger, fewer taxpayers will need to itemize, reducing the incentive to hold a mortgage or contribute to charity.