Standard Deduction

Self-Employed Individuals Snail Mail Social Security and Medicare Taxes Withheld Seizure Statements Straight-Line Depreciation Simplified Method Short-term Periodic Payment Self-Employment Income Standard Deduction Straddle Stock Split Summons Section 1250 Statutory Employee Simplified Employee Pension (SEP) Safe Harbor Short-Term Gain or Loss Section 1231 Gain or Loss S Corporations Support Section (followed by a number) Separate Maintenance Payments Severance Damages Self-Employment Tax Shareholder Short Sale SIMPLE Retirement Plan SUB Pay Salvage Value Schedules Section 125 Plan Securities Service Business Student Loan Interest Deduction Section 1231 Property Social Security Tips Section 1245 State and Local Income Tax Withheld Special Needs Child Spousal IRA Single Social Security Wages Stock Dividend Stock in Trade Standard Mileage Rate Section 179 Expense Deduction

Definition of Standard Deduction:

Rather than itemizing your deductions, you have the option of taking a standard deduction that is provided for by the IRS. Standard deductions vary from person to person.