In today's episode of center photonics studies individual income tax course, we are going to drop right in the center of the tax equation and discuss standard deductions. The tax equation is interesting because everything in tax builds on everything else, so when we are talking about a particular subject, we're going to be referencing other areas. It's important to understand where you are in the tax equation as we're talking. We'll go through every topic and discuss where it is on the tax return as well as where it's in the tax equation, so you can understand how everything is being built. But for today, let's get started on talking about the standard deduction. The standard deduction is a gracious act by Congress to give you relief from your income. It's about the standard of the poverty level. For 2016 and 2017, you'll see here we're going to give you $6,300 that you can make in a given year and not be taxed on it. That's so gracious of Congress. And if you can't tell, I'm being a little bit sarcastic because it's impossible to live on $6,000. And if you're a family of more than two, then $12,000 is definitely not going to cut it. But this was the intent of Congress for this. You get the greater of the standard deduction or the itemized deduction. We'll talk about those in another episode. But for today, the standard deduction is an annual choice. If you have not expended enough money in the different areas of itemized deductions, for example, medical expenses, charitable contributions, then you are going to automatically be given the standard deduction. Otherwise, you get to claim more as a deduction from AGI in the death of an individual. This does not eliminate the standard deduction for...
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Standard deduction chart 2023-2024 Form: What You Should Know
Get a look at the current 2024 Federal income tax brackets and inflation adjustments. All 2024 Federal income tax brackets and tax rates are in. . . [more] “We want to help all our students become financially savvy, but more important, learn the importance of saving. “ I know you care deeply about your students. We will make your tuition more affordable. Join the discussion and be part of the solution. You asked. . . IRS provides tax inflation adjustments for tax year 2024 The 2024 tax year begins on April 6, 2018, and ends on December 31, 2018. Tax year 2024 begins on April 1, 2019, and ends on December 31, 2019. If you wish to receive automatic email updates of our updates, please enter your first name and last initial above.
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