Standard Deduction

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Glossary: Itemized Deductions

By | April 12th, 2017|Categories: Potpourri of Tax Topics|Tags: , , , , |

Itemized deductions are an optional deduction taxpayers can take on tax returns for things such as medical expenses, property taxes, mortgage interest, and charitable contributions.

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Glossary: Standard Deduction

By | July 14th, 2016|Categories: Potpourri of Tax Topics|Tags: , |

The "standard deduction" is a deduction all taxpayers are entitled to. The deduction reduces taxable income.

Having Negative Taxable Income Doesn’t Mean the Government Pays You Extra

By | January 28th, 2016|Categories: Potpourri of Tax Topics|Tags: , , , , |

The tax brackets stop at $0 of taxable income -- having taxable income below $0 doesn’t mean your tax liability is a negative number or that the government “pays you more money.”

Additional Standard Deduction for Real Estate Taxes is No More

By | December 20th, 2010|Categories: Potpourri of Tax Topics|Tags: , , |

Many tax breaks that had expired or were set to expire got extended in the tax bill passed by Congress last week.  But one break that did not get extended and thus has gone away is the additional standard deduction for property taxes paid. This tax break allowed people who don't itemize deductions to add up to [...]

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