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Benefits Of Standard Tax Deductions
By Adam J. Heist
The standard tax deduction is a flat value of deduction over the entire gross taxable income. It is one of the most important kinds of deductions that are available to the average taxpayer. Another such deduction is the itemized deduction. Under the federal rules, one can avail only of one of these two deductions. Hence, before claiming for standard tax deductions, it is necessary to check whether there will be more savings with the itemized deduction or not.
The slabs set for standard tax deductions undergo revisions every year. This is done to adjust for inflation. Even so, the actual deduction would depend on the filing status of the taxpayer.
Consider the following: in 2004, the standard deduction for a taxpayer was $4,850, for the head of a household it was $7,150, for a married couple filing jointly it was $9,700,
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Financing Your Child's Education<p>Did you know that a four year degree at a public university may cost upwards of $100,000 in 18 years? That's bad news for new parents who expect their kids to go to school, but fortunately it isn't that hard to save up the money needed for college if you start early. Time is on your site if you start early, but it becomes your enemy if you wait too long. So, here's <a href="http://clk.about.com/?zi=1/1hc&zu=http://financialplan.about.com/od/savingforcollege/a/Financing-Your-Childs-Education.htm">how to finance your child's education</a>.</p><p style="background:#f5f3ef;border:1px solid #d5d0bf;clear:both;padding:.5em;"><a href="http://clk.about.com/?zi=1/1hc&zu=http://financialplan.about.com/b/2012/04/30/financing-your-childs-education.htm">Financing Your Child's Education</a> originally appeared on <a href="http://clk.about.com/?zi=1/1hc&zu=http://financialplan.about.com/">About.com Financial Planning</a> on Monday, April 30th, 2012 at 14:51:31.</p><p><a href="http://clk.about.com/?zi=1/1hc&zu=http://financialplan.about.com/b/2012/04/30/financing-your-childs-education.htm">Permalink</a> | <a href="http://clk.about.com/?zi=1/1hc&zu=http://financialplan.about.com/b/2012/04/30/financing-your-childs-education.htm#gB3">Comment</a> | <a href="http://financialplan.about.com/gi/pages/shareurl.htm?PG=http://financialplan.about.com/b/2012/04/30/financing-your-childs-education.htm&zItl=Financing Your Child's Education">Email this</a></p>
for married people filing separately it was $4,850 and for a single parent with a dependent child it was $9,500. People who are more than sixty-five years old stand for getting more deductions. Such privileges are also extended to people who are visually handicapped. People who fit into both categories, and in addition have lost a spouse, could claim much higher deductions. But deductions are less if someone has a participating role in someone else’s claims for deductions. This also applies for students who have received scholarships and grants for their studies. No deductions are available to a married person if his/her spouse is itemizing the deductions. Other categories are people who file a tax return for a short tax year due to changes in their annual accounting period and for those whose residential status is either non-resident or dual-status alien. People married to US citizens have the option of applying for deductions, but then all other rules applicable to US citizens would be applicable to them also. Therefore, pay great attention to your standard deduction. It could be better than the itemized deduction if you know exactly how to go about it. Article Source: http://articlecrazy.com Adam Heist is the owner of the Loans website. At their website, you can learn more about Secured Finance as well as many other things relating to the industry. We encourage you to visit our site today and see what we have. Also check Personal Finance for additional informaiton.
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Have You Claimed All Your Small Business Tax Deductions?
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Getting A Credit Card Besides A Bad Credit
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