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standard deduction
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standard deduction
as in:  IRS standard deduction

The standard deduction is increased for those who are old or blind.
  For U.S. income tax, a base amount of income not subject to tax for taxpayers who do not itemize deductions.
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The standard deduction is distinct from personal exemptions, which also are available to all taxpayers and dependents. As one may not take both itemized deductions and a standard deduction, taxpayers generally choose the deduction that results in the lesser amount of tax owed. (retrieved 8/21/08)

Those who itemize deductions can include items like interest payments on a home mortgage.
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  • The standard deduction is increased for those who are old or blind.
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Associated words [difficulty]:   standard deduction , pawn shop [4] , con artist [7] , deposit slip [7] , installment plan [7] , fringe benefit [8] , pyramid scheme [8] , bounced check [9] , claims adjuster [9] , community property [9] , estate planning [9]
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