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Self-employed individuals claim these expenses on Schedule C (Form 1040). Farmers can use ... The standard deduction amounts for tax year 2024 are as follows: Single filers: $14,600. Married ...
For tax year 2024, the standard deduction is $14,600 for single filers and married individuals filing separately, $21,900 for heads of household, and $29,200 for married couples filing jointly.
For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).
For heads of households, the standard deduction will be $22,500 for tax year 2025 — up $600 from 2024. About 90% of taxpayers claim the standard deduction now and do not itemize deductions.
The standard deduction rises almost every year, and it can vary depending on your tax filing status. For tax year 2024—return you will file in 2025—the standard deduction amounts are:
The taxpayer then subtracts the appropriate amount for personal exemptions under § 151(d)(1) (as adjusted annually for inflation under § 151(d)(4)). Finally, the taxpayer subtracts either the appropriate standard deduction under § 63(c) or the total of itemized deductions under § 63(d) to arrive at the taxpayer's taxable income for that tax ...
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