Topic: IRS Standard Deduction
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Answers to Common Questions
How to Find My IRS Standard Deduction
The Internal Revenue Service, IRS, bases the standard deduction each year on inflation. If your itemized deductions are less than your IRS standard deduction, you are better off using the standard deduction to file your federal income tax. ... Read More »
Source: http://www.ehow.com/how_4852733_irs-standard-deduction.html
How to Deduct Property Tax With a Standard Deduction With the IRS
You might be surprised to know that you actually can take a deduction for some or all property taxes you've paid without having to go through the ordeal of itemizing your deductions on your tax return. You'll have to fill out an extra form,... Read More »
Source: http://www.ehow.com/how_5718706_deduct-tax-standard-deduction-irs...
What is the Standard Deduction?
The standard deduction is the amount of money you can claim on your taxes without itemizing your deductions. In 2009, if you are single, your standard deduction would be $5,700. If you are married filing jointly, your standard deduction wou... Read More »
Source: http://answers.ask.com/Business/Finance/what_is_the_standard_dedu...
More Common Questions
Answers to Other Common Questions
Get help from your tax preparer if you used one. It's best to prepare for the worst when it comes to being audited. Your tax preparer can help you gather the proof you need to defend a deduction. Know your rights. Many IRS officials will tr...
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Source: http://www.ehow.com/how_2124576_defend-deductions-irs.html
After filing your income taxes, your tax preparer may inform you that you owe additional taxes to the government. If you do not pay the debt or make payment arrangements to do so, your tax debt will begin to grow. Your tax liability will in...
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Source: http://www.ehow.com/how_5762924_deduct-irs-interest-fees.html
The IRS deductions for a child include a dependency exemption and several types of tax credits. A dependency exemption subtracts an amount from income before tax is calculated. But a tax credit is more valuable because it applies to paying ...
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Source: http://www.ehow.com/info_7816148_much-irs-deduction-child.html
Gathering documentation and preparing your tax return is often a nerve-wracking experience, especially if you don't know which records to maintain. Knowing how much deduction-related documentation to keep for the Internal Revenue Service, a...
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Source: http://www.ehow.com/info_7752740_required-substantiate-deductions...
There is no set maximum charitable contribution amount for income tax deductions, but there is a maximum amount you can claim based on a percentage of your adjusted gross income. Generally, you cannot claim a deduction for charitable contri...
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Source: http://www.ehow.com/about_7492017_maximum-irs-charitable-deductio...
Your paycheck, whether you work hourly or on salary, always contains less money than what you are actually paid. This is because certain taxes are, by law, deducted from your pay before it reaches your pocket or bank account. These required...
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Source: http://www.ehow.com/facts_4927913_what-standard-payroll-deduction...
The Internal Revenue Service estimates that less than 2 percent of estates will be subject to an estate tax. Why is that? Because, in addition to a Unified Credit (which we'll explain later), Uncle Sam allows for quite a few deductions that...
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Source: http://www.ehow.com/how_4620339_calculate-irs-estate-tax-deductio...
