- Standard Deduction
- An amount subtracted from your adjusted gross income when determining how much of your income is taxable.
- Itemized Deductions
- If you have certain expenses that are greater than the amount of the standard deduction for your filing status, you may itemize instead of take the standard deduction. However, the excess of the standard deduction may be considered taxable income.
- Qualified Business Income Deduction
- The Tax Cuts and Jobs Act includes a 20% deduction for non-corporate pass-through businessess.