STANDARD DEDUCTIONS Definition

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STANDARD DEDUCTIONS is used to reduce income by taxpayers who do not itemize allowable deductions on their tax returns. The amount of the deduction depends on your filing status: if you are 65 or older, if you are blind and whether you can be claimed as a dependent on another taxpayers income tax return. See ITEMIZED DEDUCTIONS.

Learn new Accounting Terms

NTA can mean either Net Tangible Assets or Net Total Assets.

MATCHING, in accounting, is the matching of invoices to purchase orders and delivery notes prior to payment.

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