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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...
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 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 popular way for taxpayers to reduce the amount of income they are taxed on. How much of a deduction you're entitled to depends on your age,...
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,...
What does standard deduction mean? The standard deduction is a fixed dollar amount you may subtract from your taxable income — meaning more of your money isn’t subject to...
A tax deduction is an amount that you can deduct from your taxable income to lower the amount of taxes that you owe. You can choose the standard deduction—a...
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...
The standard deduction reduces your adjusted gross income (AGI) for the year. This is your income, minus certain tax deductions, like retirement contribution deductions, half of...
The standard deduction for tax year 2024 is $14,600 for singles, $29,200 for joint filers and $21,900 for heads of household. Learn more.