All of the following regarding income tax planning are correct EXCEPT: An additional standard deduction is allowed for a taxpayer who is 65 years of age or older or blind. O Below-the-line dedections are usually considered to be more favorable to the taxpayer than above-the-line deductions on a dollar-for-dollar basis. The basic tax formula is Income - Deductions - Taxable income Investments held longer than one year will receive better tax treatment than investments held one year or less