| are the deductions that you get as a part of your | | | | People over the age of 65 or who are blind get higher |
| normal tax cut. | | | | deductions and also the spouses of such people. |
| The standard tax deduction is a safety valve. It cuts | | | | If you are a part of somebody's deductions, then you |
| your tax by a flat sum and in a direct way. Totally | | | | can get a lesser relief. As a student, you can claim a |
| hassle free, unlike in itemized cuts where you have to | | | | deduction under grants as it is treated as an income. |
| go into greater detail of everything. The government | | | | The benefit is not available to those who are married |
| allows you any one of the following. | | | | but whose spouse itemizes deductions; those who file |
| The slabs are revised annually so as to keep them | | | | a tax return for a short tax year because of a change |
| under the revised inflation costs. | | | | in their annual accounting period; and to those whose |
| Thus, | | | | status is that of a non-resident or dual-status alien. A |
| -the standard deduction available to a single individual in | | | | non-resident person married to a US citizen can claim |
| 2004 was $4,850; | | | | these benefits if they choose to be treated alone. |
| -for the head of household it was $7,150; | | | | The next time you file your returns, take a close look |
| -for a married couple filing a joint return it was $9,700; | | | | at the standard deduction you are entitled to. It could |
| -for a qualifying widow (err) with dependent child it | | | | work better and simpler than the itemized approach. |
| was $9,500; | | | | And could save you not only those dollars but also the |
| -and for a married couple filing separate returns it was | | | | time and effort too. After all there are many more |
| $4,850. | | | | things in life than too a dollar.... |