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Additional standard deductions. Once you or your spouse turn 65, you can qualify for an additional standard deduction on top of the basic standard deduction you’d normally receive — or $14,600 ...
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 ...
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 − ...
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 ...
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.
If you pay state and local income taxes or state and local sales taxes — including real estate and property taxes — you may be able to deduct up to a combined total of $10,000, or $5,000 if ...
According to tax pros, itemizing generally only makes sense if your itemized deductions, taken together, add up to more than the current standard deduction of $13,850 for a single filer and ...
The previous major tax legislation (Tax Reform Act of 1969) had established a 10% minimum tax and while it had left long-term capital gains under $50,000 to continue to qualify for the 25 percent alternative capital gains tax rate, it increased the rate on gains over $50,000 to 29.5 percent in 1970, 32.5 percent in 1971, and 35 percent (one-half the 70 percent top tax rate applicable to ...
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