Will the Standard Deduction Increase or Decrease in 2025?
The standard deduction is a specific amount that you can deduct from your taxable income before you calculate your taxes. It is a dollar-for-dollar reduction. Therefore, a higher standard deduction means lower taxable income. For 2023, the standard deduction is $13,850 for single filers and $27,700 for married couples filing jointly. The standard deduction is adjusted each year… Read More »