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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 − ...
The standard deduction climbs to $30,000 — up $800 from 2024 — for married couples filing jointly. For heads of households, the standard deduction will be $22,500 for tax year 2025 — up $600 ...
When you file your tax return, you can use the standard deduction or claim itemized deductions. ... Filing status. 2024 standard deduction amount. Single. $14,600 (up $750 from 2023)
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 ...
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 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.
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: Head of ...
The standard deduction amounts for 2023 are $27,700 if you’re married filing jointly (an increase of $1,800 from 2022), $20,800 for heads of households (a $1,400 gain) and $13,850 for single ...
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