What is a Standard Deduction?
A standard deduction is a deduction that reduces the amount of income subjected to taxes and is available to nearly everyone who files income taxes in the United States. Generally, the deductions available are standard and itemized. A number of expenses may be subjected to itemized deductions that would reduce the amount of income subjected to taxation even more so than a standard deduction. However, whether an individual should itemize depends solely on the circumstances involved. The standard deduction, according to the Internal Revenue Service, is the most common option chosen. It is definitely an easier option, though some may be paying more money than they need to pay to the IRS by choosing this method. Still, some choose convenience over reduced tax obligations. Choosing a standard deduction means there is no need to add, keep track of receipts and try to justify every expense as one that should be itemized. The key to determining whether to take a standard deduction or whether t
