Tax Time: What You Can and Can't Deduct
Most people have a notion that there's a lot of stuff they can deduct, but don't quite know when or how to do so. That confusion can lead to higher taxes. So here's the skinny:
Deductions lower your taxable income. The lower your taxable income, the lower your tax bill. The vast majority of Americans take what's called the standard deduction, which is available to everyone. For 2002 returns, the standard deductions are:- $4,700 for single filers;
- $7,850 for married couples filing jointly;
- $6,900 for head-of-household filers;
- $3,925 for married couples filing separately.
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