The standard deduction is a specific amount that you can deduct from your taxable income before you calculate your taxes. This deduction is meant to account for basic living expenses, such as food, clothing, and shelter. The standard deduction varies depending on your filing status and age. For the year 2025, the standard deduction for taxpayers over the… Read More »
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 »
The standard deduction is a specific amount that you can deduct from your taxable income before you calculate your taxes. The standard deduction varies depending on your filing status and is adjusted each year for inflation. For 2025, the standard deduction amounts are as follows: Single: $13,850 Married filing jointly: $27,700 Married filing separately: $13,850 Head of household:… Read More »