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Describe the concept of kaizen budgeting.
Credit for the Elderly
A tax credit available for individuals aged 65 or older, or those under 65 who are retired on permanent and total disability and who meet other qualifications.
Disabled
This term refers to individuals who have a condition, either physical or mental, that substantially limits one or more major life activities.
Nontaxable Social Security
Social Security benefits that are not subject to federal income tax under certain income conditions.
Base Amount
A specific income threshold set by tax regulations, which may affect the calculation of deductions, credits, or taxes owed.
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