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The standard deduction is a flat dollar amount set by the IRS based on your filing status. It’s the simplest way to reduce your taxable income on your tax return. In fact, Congress...
The 2024 standard deduction for tax returns filed in 2025 is $14,600 for single filers, $29,200 for joint filers or $21,900 for heads of household.
The standard deduction is the portion of income not subject to tax that can be used to reduce your tax bill. For 2023, the standard deduction was $13,850 for individuals, $27,700 for joint...
The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed. Your standard deduction consists of the sum of the basic standard deduction and any additional standard deduction amounts for age and/or blindness.
The Standard Deduction lets you reduce your taxable income by a fixed amount, making tax filing simpler since you don't need to itemize deductions. Each year, the Standard Deduction amount typically goes up to keep pace with inflation, ensuring your tax relief stays consistent.
The IRS has just announced that the standard deduction amounts are increasing between $400 and $800 from the 2024 numbers. Below are the 2025 amounts: 2025 standard deduction over 65....
The standard deduction is a fixed dollar amount you may subtract from your taxable income — meaning more of your money isn’t subject to taxes — resulting in either a lower tax...
The standard deduction is a flat amount that reduces your taxable income and potentially your tax bill. The amount, set by the IRS, could vary by tax year and filing status—generally, single, married filing jointly, married filing separately, or head of household.
The standard deduction is a fixed dollar amount that reduces your taxable income. Itemized deductions can also reduce your taxable income, but the amount varies and is not...
For heads of households, the standard deduction will be $22,500 for tax year 2025, an increase of $600 from the amount for tax year 2024. Marginal rates. For tax year 2025, the top tax rate remains 37% for individual single taxpayers with incomes greater than $626,350 ($751,600 for married couples filing jointly). The other rates are: