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For couples who file jointly, that standard deduction will be $30,000 for 2025, an $800 jump from the year prior. And heads of households will get a $22,500 standard deduction, up $600 from 2024.
The IRS revealed updated federal income tax brackets and standard deductions for the upcoming tax year 2024, affecting returns filed in 2025. ... The standard deduction, a key consideration for ...
The IRS officially started accepting tax returns on Jan. 23, which means it's time to dust off your receipts and gather your statements. Certain expenses qualify as tax deductions that can reduce ...
Some deductions remain every year, but others change or disappear, and new ones crop up. Learn the most common tax deductions available.
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 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 ...
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