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The standard deduction is a portion of income that is not subject to tax and can be used to reduce a tax bill instead of itemizing deductions.| Investopedia
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Itemizing deductions allows some taxpayers to reduce their taxable income, and thus their taxes, by more than if they used the standard deduction.| Investopedia
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Filing status is a category that defines the type of tax return form a taxpayer must use when filing their taxes. Filing status is tied to marital status.| Investopedia
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Business income is a type of earned income and is classified as ordinary income for tax purposes. How it is reported depends on the type of business.| Investopedia