The standard deduction of the Internal Revenue Service (IRS), is the portion of income that is not subject to tax, and that can be used to reduce your tax payment by deducting a standardized amount from your income.
In many cases, taxpayers decide to use the Standard Deduction instead of the Itemized Deductions. To know the difference between the two, read my article. However, not all taxpayers qualify for the standard deduction, and this presents a limit to these taxpayers on the amounts that they are able to deduct from their income for tax purposes.
Taxpayers who don't qualify for the Standard Deduction include:
- Nonresident aliens
- Spouses of nonresident aliens
- Married taxpayers filing separately whose spouses itemized
- Trusts and estates
Need to Know More?
Contact Licensed Tax Attorney Alexandra Sabalier for an initial consultation, and get your questions answered personally by her, and your tax issues solved in a reliable and confidential manner.