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2. IRS announces higher standard deduction, new tax ... - AOL

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   The standard deduction will go up for 2025 tax returns by $400 from 2024 for single taxpayers and married individuals filing separately. IRS announces higher standard deduction, new tax brackets ...

3. IRS sets higher standard deduction, new tax brackets for 2025

   www.aol.com/irs-sets-higher-standard-deduction...

   The standard deduction will go up to $15,000 for 2025 tax returns — up $400 from 2024 − for single taxpayers and married people filing separately.. The standard deduction climbs to $30,000 − ...

4. How the New Standard Deduction Changed Your Tax Bill - AOL

   www.aol.com/news/standard-deduction-changed-tax...

   The standard deduction for each filing status was almost doubled compared to 2017. While this is a relief for tax payers, it reduces the likelihood of people itemizing deductions.

5. Standard deduction - Wikipedia

   en.wikipedia.org/wiki/Standard_deduction

   Under United States tax law, the standard deduction is a dollar amount that non-itemizers may subtract from their income before income tax (but not other kinds of tax, such as payroll tax) is applied. Taxpayers may choose either itemized deductions or the standard deduction, [1] but usually choose whichever results in the lesser amount of tax ...

6. What Are Itemized Deductions and How Do They Work? - AOL

   www.aol.com/itemized-deductions-010031837.html

   Taxpayers can use the standard deduction or take itemized deductions on their tax returns, but they can’t do both. The standard deduction is a set dollar amount that reduces a taxpayer’s ...

7. Tax Reform Act of 1986 - Wikipedia

   en.wikipedia.org/wiki/Tax_Reform_Act_of_1986

   The Act required people claiming children as dependents on their tax returns to obtain and list a Social Security number for every claimed child, to verify the child's existence. Before this act, parents claiming tax deductions were on the honor system not to lie about the number of children they supported. The requirement was phased in, and ...

8. The IRS Just Boosted Standard Deduction by 7% - AOL

   www.aol.com/finance/irs-boosts-standard...

   In the past year Americans have seen multiple interest rate hikes, a Social Security cost of living adjustment and the introduction of a $740 Billion inflation reduction act. Amid all the ...

9. Top Tax Deductions and Tax Credits You Should Know for 2023 - AOL

   www.aol.com/finance/10-tax-deductions-know-2023...

   If you itemize deductions, you can subtract cash and noncash contributions to 503(c)(3) organizations. ... You can receive a tax credit of up to $2,000 if you are eligible. 15. Child and Dependent ...