When calculating taxable income, you are allowed to reduce income by a standard deduction or itemized list of deductions.

Name: When calculating taxable income, you are allowed to reduce income by a standard deduction or itemized list of deductions.
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The tax code allows taxpayers to reduce their taxable income by either taking a standard deduction or itemizing deductions, which can include expenses like mortgage interest, state and local taxes, and charitable contributions.

When Calculating Taxable Income, You Are Allowed to Reduce Income