Meaning of “standard deduction” in the English Dictionary

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"standard deduction" in Business English

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standard deductionnoun [ C or U ]

uk us 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)