Standard deductions need yearlong record-keeping and thorough and accurate documentation.

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Standard deductions are pre-set amounts that the IRS allows taxpayers to deduct from their income. Taxpayers do not need to keep yearlong record-keeping or thorough documentation to claim the standard deduction. It is a simplified way of calculating tax liability. However, taxpayers must meet certain qualifications to claim the standard deduction.

Standard Deductions Need Yearlong Record-Keeping and Thorough and Accurate Documentation