standard deduction - definition in the Business English Dictionary - Cambridge Dictionaries Online

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English definition of “standard deduction”

standard deduction

noun [C or U]
 
 
ACCOUNTING, TAX
in the US, a system that allows someone to report a particular amount of income on which they should not pay tax: People over age 65 are eligible for a higher standard deduction than younger taxpayers.
(Definition of standard deduction from the Cambridge Business English Dictionary © Cambridge University Press)
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