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Benefits Of Standard Tax Deductions
By Adam J. Heist
The standard tax deduction is a flat value of deduction over the entire gross taxable income. It is one of the most important kinds of deductions that are available to the average taxpayer. Another such deduction is the itemized deduction. Under the federal rules, one can avail only of one of these two deductions. Hence, before claiming for standard tax deductions, it is necessary to check whether there will be more savings with the itemized deduction or not.
The slabs set for standard tax deductions undergo revisions every year. This is done to adjust for inflation. Even so, the actual deduction would depend on the filing status of the taxpayer.
Consider the following: in 2004, the standard deduction for a taxpayer was $4,850, for the head of a household it was $7,150, for a married couple filing jointly it was $9,700,
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for married people filing separately it was $4,850 and for a single parent with a dependent child it was $9,500. People who are more than sixty-five years old stand for getting more deductions. Such privileges are also extended to people who are visually handicapped. People who fit into both categories, and in addition have lost a spouse, could claim much higher deductions. But deductions are less if someone has a participating role in someone else’s claims for deductions. This also applies for students who have received scholarships and grants for their studies. No deductions are available to a married person if his/her spouse is itemizing the deductions. Other categories are people who file a tax return for a short tax year due to changes in their annual accounting period and for those whose residential status is either non-resident or dual-status alien. People married to US citizens have the option of applying for deductions, but then all other rules applicable to US citizens would be applicable to them also. Therefore, pay great attention to your standard deduction. It could be better than the itemized deduction if you know exactly how to go about it. Article Source: http://articlecrazy.com Adam Heist is the owner of the Loans website. At their website, you can learn more about Secured Finance as well as many other things relating to the industry. We encourage you to visit our site today and see what we have. Also check Personal Finance for additional informaiton.
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It Is Not Golden Pond We Are At The Wrong End Of The Pyramid
By Amy Goodmann
It has been said by a wise man “Don’t lay any certain plans for the future it is like planting toads and expecting to raise toadstools “ However it has become a common image now and Read more...
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Secrets To Tax Advantages On Your Real Estate
By Louis Roberts
Tax Advantages of Owning Real Estate: Usually, it would be expected that the government would take money for the real estate that you own. Since you are gaining a profit off of it for a livelihood it Read more...
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Iras--401-k-s--pensions-can-be--tax-trap--for-high-earners
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Are you planning on leaving any dollars in your pension, 401(k) or IRA to children or grandchildren? Would you be surprised to know that the vast majority of these funds will end up with state and Read more...
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Why Is A Hybrid Car Tax Deduction Worthwhile?
By Michael
Being environmentally conscience can be an advantage when it comes to saving you some money on your taxes with the fairly new hybrid car tax deduction. This is a new provision, since 2004, under the Read more...
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EagleBank could be lead sponsor of Congressional Bowl
EagleBank is in talks to become the lead sponsor of the Congressional Bowl, the college football playoff game that will likely pit Navy versus an Atlantic Coast Conference team in D.C. Dec. 20.
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Financial planning is a process of managing your finances to help you make the most of your money to achieve your goals. You may be preparing for retirement or want to make sure you can cover the cost of educating your children. ...
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