What is a Standard Deduction?

Standard deduction is a symmetry of "actual deduction". Refers to a method of deducting personal expenses under the United States Personal Income Tax Act. In this way, when calculating the net income, the taxpayer can deduct a fixed percentage or a fixed amount for certain special living expenses of an individual and certain "non-business expenses" spent for income. Consider its real actual expenditure. Prior to 1977, standard deductions could be calculated either as a fixed percentage or directly as a fixed amount. In 1977, the United States implemented the Tax Reduction and Tax Simplification Act. Since then, standard deductions have been deducted only as a fixed amount. ^[1]