Standard Deductions

1 Posts
1 Sections
1 Types

August 31, 2024 3 min read Definitions

Taxes Accounting Finance Taxation Exemptions Standard Deductions Tax Reforms Income Tax

Exemptions are specific dollar amounts that taxpayers can exclude from income. Previously, these exemptions directly reduced taxable income, but post-2017 reforms have largely replaced them with increased standard deductions.

Read more about Exemptions: Tax Benefits Explained.