What does standard deduction mean on the CPA exam?
Standard deduction. A flat amount any taxpayer may subtract instead of itemizing. Larger for those who are 65 or over or blind, and denied to some filers.
Defined against Sec. 63(c).
Which CPA exam sections use standard deduction?
Standard deduction appears in the TCP section of the CPA exam.
Related terms
- dividends-received deduction: A deduction that keeps corporate profit from being taxed three times as it passes between corporations.