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standard deduction
stan·dard de·duc·tion (plural stan·dard de·duc·tions)


noun 
Definition:
 
fixed tax deduction: a fixed level of tax deductions from income that a taxpayer may choose to make without having to itemize them
Encarta® World English Dictionary [North American Edition] © & (P)2009 Microsoft Corporation. All rights reserved. Developed for Microsoft by Bloomsbury Publishing Plc.
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