Once They Reach Age 65, Many Taxpayers Will Switch from Itemizing

question 131

True/False

Once they reach age 65, many taxpayers will switch from itemizing their deductions from AGI and start claiming the standard deduction.

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Definitions:

Double-Declining-Balance

A method of accelerated depreciation that calculates depreciation expenses by doubling the straight-line rate.

Accumulated Depreciation

The cumulative sum of depreciation expense assigned to a physical asset since its initial use, representing its cost allocation.

Salvage Value

The estimated residual value of an asset at the end of its useful life, often considered in depreciation calculations.

Floral Deliveries

The service or business of transporting flowers or floral arrangements to specified locations or recipients.