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Results for: "standard deduction"
What is the enhanced standard deduction?
Tax Calculations
The Big Beautiful Bill provides enhanced standard deductions that are higher than current law. Additionally, taxpayers aged 65 and older receive an additional enhanced deduction on top of the regular standard deduction.
Read MoreWhat is the Big Beautiful Bill?
Getting Started
The One Big Beautiful Bill Act (H.R.1) is enacted federal tax legislation that simplifies the tax code while providing significant tax relief. Key provisions include excluding tip and overtime income from taxation, enhancing standard deductions, and improving child tax credits. This calculator provides non-partisan, factual analysis of the law.
Read MoreWhat changes to business deductions are included?
Business
The Big Beautiful Bill enhances the Qualified Business Income (QBI) deduction, providing a 25% enhancement over current law. Small businesses also receive additional deductions for research expenses and equipment purchases.
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