A fixed dollar amount that reduces your taxable income, used instead of itemizing deductions.
The standard deduction is a flat amount you can subtract from your AGI instead of itemizing individual deductions. Most taxpayers (about 90%) take the standard deduction because it's simpler and often larger than itemized deductions. Note: business deductions on Schedule C are separate and taken regardless of standard vs. itemized.
Yes! Business deductions on Schedule C are 'above the line'—you get them regardless of whether you take standard or itemized deductions. They're separate calculations.
Itemize when mortgage interest + state/local taxes (capped at $10,000) + charitable contributions exceed your standard deduction amount.
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