Population Demographics for Sherman County, Texas in 2016 and 2015.
Additional amounts are available for persons who are blind and/or are at least 65 years of age. The standard deduction is distinct from personal exemptions, which also are available to all taxpayers and dependents.
OVERVIEW. The standard tax deduction is a flat amount that the tax system lets you deduct, no questions asked. Tax deductions allow individuals and companies to subtract certain expenses from their taxable income, which reduces their overall tax bill.tandard deduction basics. Standard deductions ensure that all taxpayers have at least some income that is not subject to federal income tax. Standard deductions generally increase each year due to inflation. You have the option of claiming the standard deduction or itemizing your deductions.