Investment Language 101 Series: TERM OF THE DAY: -- What Is: ' Standard Deduction ' | E.54 | Trading Candle Cheat Sheet Incl. Each Episode.
A series designed to help all the new people flooding into & entering Crypto/Investments daily who get thrown into the rabbit hole so to speak and everything is new to them.
Bitshares 101 Focus/Resources Section for New Crypto Folks now included near the end of each post - starting just prior to Christmas 2017. BTS is a Decentralized Exchange and much more. Very undervalued!
It is a TLDR / Short Form Series, covering ONLY one thing each episode in blue collar, easy to understand language to give a SHORT OVERVIEW of the term or lesson of the day.
It is specifically designed this way to keep it short and simple.
People can then search out extra info if they wish.
I've never seen a regular series or resource running on Steemit to continually address this basic need so I decided to do it.
TERM OF THE DAY:
What is....
' Standard Deduction ' ?
--
The IRS standard deduction is the portion of income that is not subject to tax and that can be used to reduce a taxpayer's tax bill. A standard deduction can only be used if the taxpayer does not choose the itemized deduction method of calculating taxable income.
The amount of the standard deduction is based on a taxpayer's filing status, age, and whether he or she is disabled or claimed as a dependent on someone else's tax return.
--
Breaking Down...
' Standard Deduction ' :
--
The income tax is the amount of money that the federal or state government takes from your taxable income. It is important to note that taxable income and total income earned for the year are not the same. This is because the government allows a portion of the total income earned to be subtracted or deducted to reduce the income that will be taxed. The taxable income is usually smaller than total income due to deductions, which help to reduce a taxpayer’s bill.
A taxpayer can select one of two types of deductions: itemized deduction or standard deduction. Whichever one he chooses is up to him, but he cannot use both to reduce his income. The itemized deduction option allows the taxpayer to list out all of his or expenses for the year such as property tax, medical expenses, eligible charity donations, gambling losses, unreimbursed business expense, and other costs incurred that have an effect on your bottom line tax figure. Normally, if the total value of itemized deductions is higher than standard deduction, the taxpayer would itemize. Otherwise, s/he would opt for the standard deduction.
2017 Standard Deduction Amounts:
The standard deduction is a flat amount that the IRS allows all qualified taxpayers to deduct from their income every year. This amount increases each year as it is adjusted for inflation. A taxpayer who qualifies for standard deduction can subtract the authorized amount from his or her gross income to lower the amount that is subject to tax. The standard deduction for 2017 are as follows
$6,350 for single tax payers
$6,350 for married taxpayers filing separately
$12,700 for married taxpayers filing jointly
$9,350 for heads of households
A single individual with gross income of $80,000 for 2017 can reduce his income by $6,350 to reduce his taxable income to $73,650. If his effective tax rate is 19.67%, he’ll end up paying 19.67% x $73,650 = $14,486.96. Without the standard deductions, his tax bill would be higher at 19.67% x $80,000 = $15,736.00.
Not all taxpayers qualify for the standard deduction though. An individual (or his spouse, if filing jointly) who was a non-resident alien at any time of the year; a married person filing separately but whose spouse itemized his or her deductions; an estate or trust; are examples of entities who cannot claim standard deductions.
The federal income tax system and some states have higher standard deductions for people who are at least 65 years old and for people who are blind. A certified statement from an eye doctor would be needed as proof for claiming a higher deductible due to total or partial blindness.
The biggest reason taxpayers use standard instead of itemized deductions is that taxpayers don't have to keep track of every possible tax-deductible expense throughout the year. Plus, many people find the standard deduction amount to be generous and usually greater than the total they could reach if they added up all their tax-related expenses separately.
2018 Standard Deduction Amounts:
For 2018 taxes filed in April 2019 the standard deduction will increase as follows
$12,000 for single taxpayers
$12,000 for married taxpayers filing separately
$24,000 for married taxpayers filing jointly
$18,000 for heads of households
The new standard deduction amounts are set to expire Dec. 31, 2025.
(Not tax or investment advice)
Your Friend in Liberty, Barry.
Trading Candle Cheat Sheet:
--
Further Reading/Source/Resources
Friend of the People -- Enemy of the State.
--
I am leaving these images I made here until I figure out one that fits properly and looks right for the first/main image for the post/series.
--
Since Steemit dev's changed the size of the picture frame that shows, it has honestly been a real problem getting images to match the screen, it was perfectly fine months ago before they messed around with it.
SMH.
Bitshares 101 Focus/Resources Section:
for New Crypto Folks.
https://bitshares.org/
--
-- Bitshares is a Trading platform, and a LOT more.... designed by blockchain wizard here Dan Larimer - @dan / @dantheman.
I've blogged on him, and BTS many many times.
It's a place you can use that is decentralized, with an active community, to use trading lessons like this, that we are learning together.
Just a few of my past $BTS blogs....
to help you apply lessons today!
--
Thanks for reading, have a nice day.
PixaBay has tons of free pictures for us all to use!!!
Super Easy/Fast Picture Edits / Resizing at: http://www.picresize.com/ and also https://www298.lunapic.com/editor/
If you liked this blog post - please Resteem it and share good content with others!
--
Some of my recent blogs:
--
Most Images: Gif's - via Giphy.com , Funny or Die.com / Pixabay. Today:
If you feel my posts are undervalued or you want to donate to tip me - I would appreciate it very much.
--
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Ethereum (ETH) - 0x3Ad69Ff057C9533ca667B2d7E3E557F5eeFd4477
Ethereum Classic (ETC) - 0x5ab2b08d4ce8d454eb9d1ecc65c6d8b0c5f9784c
Bitcoin (BTC) - 18J6RRuzX4V7b2CDbx7tWZYNBLkkGWsvWX
DASH - XgZvsvSZgPkNbmGbRhc3S1Pt2JAc7QHwiS
PIVX - DA3azxQqJiX9t7EviuacpamfNhMi2zGAUh
Stratis (STRAT) - SNsJp6v1jXvKWy4XcXSXfNQ9zhSJJppJgv
ZCash (ZEC) - t1aCPEYELkGaf3GtgGTiCEDo7XfPm4QEwmL
Please note -- I will have limited internet access for awhile -- so PLEASE do not be upset that I cannot reply right away, or to everyone. I am dealing with some changes, and will have limited time online and will be happy if I get a few blog posts up a week.
This has really upset some people but I do not force my opinions on others, or need to communicate every detail of my life or issues, most people do not care anyways. I invested around 10 hours or more a day on Steemit most of my first 13 mths here, trying to build community, put out content and engage people, help and donate to people, and I just do not have that time in my life right now, and that includes for replies and voting/curation.
I have done my best, sorry if you do not understand like some are clearly having a problem with. It's a blogging platform, and I will do my best at everything, and to keep blogging.
Carry On.
A series designed to help all the new people flooding into & entering Crypto/Investments daily who get thrown into the rabbit hole so to speak and everything is new to them.
Bitshares 101 Focus/Resources Section for New Crypto Folks now included near the end of each post - starting just prior to Christmas 2017. BTS is a Decentralized Exchange and much more. Very undervalued!
It is a TLDR / Short Form Series, covering ONLY one thing each episode in blue collar, easy to understand language to give a SHORT OVERVIEW of the term or lesson of the day.
It is specifically designed this way to keep it short and simple.
People can then search out extra info if they wish.
I've never seen a regular series or resource running on Steemit to continually address this basic need so I decided to do it.
TERM OF THE DAY:
What is....
' Standard Deduction ' ?
--
The IRS standard deduction is the portion of income that is not subject to tax and that can be used to reduce a taxpayer's tax bill. A standard deduction can only be used if the taxpayer does not choose the itemized deduction method of calculating taxable income.
The amount of the standard deduction is based on a taxpayer's filing status, age, and whether he or she is disabled or claimed as a dependent on someone else's tax return.
--
Breaking Down...
' Standard Deduction ' :
--
The income tax is the amount of money that the federal or state government takes from your taxable income. It is important to note that taxable income and total income earned for the year are not the same. This is because the government allows a portion of the total income earned to be subtracted or deducted to reduce the income that will be taxed. The taxable income is usually smaller than total income due to deductions, which help to reduce a taxpayer’s bill.
A taxpayer can select one of two types of deductions: itemized deduction or standard deduction. Whichever one he chooses is up to him, but he cannot use both to reduce his income. The itemized deduction option allows the taxpayer to list out all of his or expenses for the year such as property tax, medical expenses, eligible charity donations, gambling losses, unreimbursed business expense, and other costs incurred that have an effect on your bottom line tax figure. Normally, if the total value of itemized deductions is higher than standard deduction, the taxpayer would itemize. Otherwise, s/he would opt for the standard deduction.
2017 Standard Deduction Amounts:
The standard deduction is a flat amount that the IRS allows all qualified taxpayers to deduct from their income every year. This amount increases each year as it is adjusted for inflation. A taxpayer who qualifies for standard deduction can subtract the authorized amount from his or her gross income to lower the amount that is subject to tax. The standard deduction for 2017 are as follows
$6,350 for single tax payers
$6,350 for married taxpayers filing separately
$12,700 for married taxpayers filing jointly
$9,350 for heads of households
A single individual with gross income of $80,000 for 2017 can reduce his income by $6,350 to reduce his taxable income to $73,650. If his effective tax rate is 19.67%, he’ll end up paying 19.67% x $73,650 = $14,486.96. Without the standard deductions, his tax bill would be higher at 19.67% x $80,000 = $15,736.00.
Not all taxpayers qualify for the standard deduction though. An individual (or his spouse, if filing jointly) who was a non-resident alien at any time of the year; a married person filing separately but whose spouse itemized his or her deductions; an estate or trust; are examples of entities who cannot claim standard deductions.
The federal income tax system and some states have higher standard deductions for people who are at least 65 years old and for people who are blind. A certified statement from an eye doctor would be needed as proof for claiming a higher deductible due to total or partial blindness.
The biggest reason taxpayers use standard instead of itemized deductions is that taxpayers don't have to keep track of every possible tax-deductible expense throughout the year. Plus, many people find the standard deduction amount to be generous and usually greater than the total they could reach if they added up all their tax-related expenses separately.
2018 Standard Deduction Amounts:
For 2018 taxes filed in April 2019 the standard deduction will increase as follows
$12,000 for single taxpayers
$12,000 for married taxpayers filing separately
$24,000 for married taxpayers filing jointly
$18,000 for heads of households
The new standard deduction amounts are set to expire Dec. 31, 2025.
(Not tax or investment advice)
Your Friend in Liberty, Barry.
Trading Candle Cheat Sheet:
--
Further Reading/Source/Resources
Friend of the People -- Enemy of the State.
--
I am leaving these images I made here until I figure out one that fits properly and looks right for the first/main image for the post/series.
--
Since Steemit dev's changed the size of the picture frame that shows, it has honestly been a real problem getting images to match the screen, it was perfectly fine months ago before they messed around with it.
SMH.
Bitshares 101 Focus/Resources Section:
for New Crypto Folks.
https://bitshares.org/
--
-- Bitshares is a Trading platform, and a LOT more.... designed by blockchain wizard here Dan Larimer - @dan / @dantheman.
I've blogged on him, and BTS many many times.
It's a place you can use that is decentralized, with an active community, to use trading lessons like this, that we are learning together.
Just a few of my past $BTS blogs....
to help you apply lessons today!
--
Thanks for reading, have a nice day.
PixaBay has tons of free pictures for us all to use!!!
Super Easy/Fast Picture Edits / Resizing at: http://www.picresize.com/ and also https://www298.lunapic.com/editor/
If you liked this blog post - please Resteem it and share good content with others!
--
Some of my recent blogs:
--
Most Images: Gif's - via Giphy.com , Funny or Die.com / Pixabay. Today:
If you feel my posts are undervalued or you want to donate to tip me - I would appreciate it very much.
--
LiteCoin (LTC) - LKdsnvSXk9JW99EiNicFMGKc1FXiBo9tUE
Monero (XMR) - d8ecb02c09f70ec10504b59b96bc1f488af28b05933893dfd1f55b113e23fbff
EOS (EOS) - 0xD37bEFf5bf07E3aa432de00cE0AaA8df603A4fB0
Ethereum (ETH) - 0x3Ad69Ff057C9533ca667B2d7E3E557F5eeFd4477
Ethereum Classic (ETC) - 0x5ab2b08d4ce8d454eb9d1ecc65c6d8b0c5f9784c
Bitcoin (BTC) - 18J6RRuzX4V7b2CDbx7tWZYNBLkkGWsvWX
DASH - XgZvsvSZgPkNbmGbRhc3S1Pt2JAc7QHwiS
PIVX - DA3azxQqJiX9t7EviuacpamfNhMi2zGAUh
Stratis (STRAT) - SNsJp6v1jXvKWy4XcXSXfNQ9zhSJJppJgv
ZCash (ZEC) - t1aCPEYELkGaf3GtgGTiCEDo7XfPm4QEwmL
Please note -- I will have limited internet access for awhile -- so PLEASE do not be upset that I cannot reply right away, or to everyone. I am dealing with some changes, and will have limited time online and will be happy if I get a few blog posts up a week.
This has really upset some people but I do not force my opinions on others, or need to communicate every detail of my life or issues, most people do not care anyways. I invested around 10 hours or more a day on Steemit most of my first 13 mths here, trying to build community, put out content and engage people, help and donate to people, and I just do not have that time in my life right now, and that includes for replies and voting/curation.
I have done my best, sorry if you do not understand like some are clearly having a problem with. It's a blogging platform, and I will do my best at everything, and to keep blogging.
Carry On.
--
LiteCoin (LTC) - LKdsnvSXk9JW99EiNicFMGKc1FXiBo9tUE
Monero (XMR) - d8ecb02c09f70ec10504b59b96bc1f488af28b05933893dfd1f55b113e23fbff
EOS (EOS) - 0xD37bEFf5bf07E3aa432de00cE0AaA8df603A4fB0
Ethereum (ETH) - 0x3Ad69Ff057C9533ca667B2d7E3E557F5eeFd4477
Ethereum Classic (ETC) - 0x5ab2b08d4ce8d454eb9d1ecc65c6d8b0c5f9784c
Bitcoin (BTC) - 18J6RRuzX4V7b2CDbx7tWZYNBLkkGWsvWX
DASH - XgZvsvSZgPkNbmGbRhc3S1Pt2JAc7QHwiS
PIVX - DA3azxQqJiX9t7EviuacpamfNhMi2zGAUh
Stratis (STRAT) - SNsJp6v1jXvKWy4XcXSXfNQ9zhSJJppJgv
ZCash (ZEC) - t1aCPEYELkGaf3GtgGTiCEDo7XfPm4QEwmL
Please note -- I will have limited internet access for awhile -- so PLEASE do not be upset that I cannot reply right away, or to everyone. I am dealing with some changes, and will have limited time online and will be happy if I get a few blog posts up a week.
This has really upset some people but I do not force my opinions on others, or need to communicate every detail of my life or issues, most people do not care anyways. I invested around 10 hours or more a day on Steemit most of my first 13 mths here, trying to build community, put out content and engage people, help and donate to people, and I just do not have that time in my life right now, and that includes for replies and voting/curation.
I have done my best, sorry if you do not understand like some are clearly having a problem with. It's a blogging platform, and I will do my best at everything, and to keep blogging.
Carry On.
steem on steem..
keep it up with this...
thank you..
upvoted
Nice!
Read this: https://steemit.com/cryptocurrencies/@jjrt3345gr/how-to-predict-cryptocurrencies-with-big-data-vol-3
hey how about stop spamming your posts on people's blogs, and make a decent comment, or you will be flagged and your account damaged.
This is not the way we do things here.
a very useful science