1. Money
You can opt-out at any time. Please refer to our privacy policy for contact information.

Standard Deduction



A standard deduction is the amount that IRS sets as the amount you can deduct to offset living expenses. This amount will vary depending on your age (if you are older than 65) or if you are blind. The amount also adjusts if you are married. You may choose to take the standard deduction if your itemized deductions are less than the standard deduction amount.

©2014 About.com. All rights reserved.