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The standard deduction is distinct from the personal exemption, which was set to $0 by the Tax Cuts and Jobs Act of 2017 for tax years 2018–2025. [5]
In 2024, the standard deduction for single filers is $14,600, but will increase to $15,000 next year. For married couples filing jointly, the deduction is $29,200 in 2024. It will increase to ...
One of the first decisions you'll make when filing taxes is whether to take the standard deduction or itemize your deductions. Keep in mind that because the Tax Cuts and Jobs Act has increased the ...
Section 151 of the Internal Revenue Code was enacted in August 1954, and provided for deductions equal to the "personal exemption" amount in computing taxable income. The exemption was intended to insulate from taxation the minimal amount of income someone would need receive to live at a subsistence level (i.e., enough income for food, clothes, shelter, etc.).
With the near-doubling of the standard deduction for the tax year of 2018, filing itemized deductions no longer makes sense for many taxpayers. At the end of the day, however, it’s all just a ...
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