In tax law, this is the amount you can deduct from your gross income to reduce the total amount on which you owe tax. The IRS provides taxpayers with the option to use a standard deduction or to itemize their individual deductions.
Deduction
In tax law, this is the amount you can deduct from your gross income to reduce the total amount on which you owe tax. The IRS provides taxpayers with the option to use a standard deduction or to itemize their individual deductions.
