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IRS provides for deductions from your income tax return to reduce the amount of your taxable income. There are two ways you can take deductions. You can use standard deduction or you can itemize deductions. Standard deduction is a dollar amount that reduces the amount of income on which you are taxed. The amount varies depending on you income, age and filing status and changes each year. You are allowed an additional deduction, if you are 65 or older at the end of the tax year....