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  2. Standard deduction - Wikipedia

    en.wikipedia.org/wiki/Standard_deduction

    Federal taxation. Alternative minimum tax ... the standard deduction is a dollar amount that non-itemizers may subtract from their income before ... 2008 [19] $5,450 ...

  3. Business mileage reimbursement rate - Wikipedia

    en.wikipedia.org/wiki/Business_mileage...

    The business mileage reimbursement rate is an optional standard mileage rate used in the United States for purposes of computing the allowable business deduction, for Federal income tax purposes under the Internal Revenue Code, at 26 U.S.C. § 162, for the business use of a vehicle. Under the law, the taxpayer for each year is generally ...

  4. Tax bracket - Wikipedia

    en.wikipedia.org/wiki/Tax_bracket

    Imagine that there are three tax brackets: 10%, 20%, and 30%. The 10% rate applies to income from $1 to $10,000; the 20% rate applies to income from $10,001 to $20,000; and the 30% rate applies to all income above $20,000. Under this system, someone earning $10,000 is taxed at 10%, paying a total of $1,000. Someone earning $5,000 pays $500, and ...

  5. Tax Tips: Standard mileage rate deduction skyrockets - AOL

    www.aol.com/news/2008-06-24-tax-tips-standard...

    Tracy Coenen. Updated July 14, 2016 at 8:41 PM. Starting July 1, 2008, the standard mileage rate for business miles is being increased to 58.5 cents per mile. The rate is currently at 50.5 cents ...

  6. Standard Deduction vs. Itemized Deductions: Which Is Better?

    www.aol.com/standard-deduction-vs-itemized...

    The federal tax filing deadline for individuals has been extended to May 17, 2021. Quarterly estimated tax payments are still due on April 15, 2021. For additional questions and the latest ...

  7. Should you itemize or take a standard deduction on your tax ...

    www.aol.com/news/itemize-standard-deduction-tax...

    When tackling your taxes, it can sometimes be hard to figure out whether to opt for a standard deduction or itemize. According to tax pros, itemizing generally only makes sense if your itemized ...

  8. Income tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Income_tax_in_the_United...

    Standard deduction: Individuals get a deduction from taxable income for certain personal expenses. An individual may claim a standard deduction . For 2021, the basic standard deduction was $12,550 for single individuals or married persons filing separately, $25,100 for a joint return or surviving spouse, and $18,800 for a head of household.

  9. Capital gains tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Capital_gains_tax_in_the...

    However, taxpayers pay no tax on income covered by deductions: the standard deduction (for 2022: $12,950 for an individual return, $19,400 for heads of households, and $25,900 for a joint return), or more if the taxpayer has over that amount in itemized deductions. Amounts in excess of this are taxed at the rates in the above table.

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