What is the Standard Deduction? The Standard Deduction is a fixed dollar amount that reduces your taxable income. You do not need to provide documentation of expenses to claim it, unlike itemized deductions. Most taxpayers...
What Is Form W-2? Form W-2, Wage and Tax Statement, is issued by employers to employees to report wages paid and taxes withheld during the calendar year. It is a foundational tax document used when...
What Is the Qualified Business Income Deduction? The Qualified Business Income Deduction (QBID) allows eligible business owners to deduct up to 20% of their net business income from sole proprietorships, partnerships, S corporations, or certain...
