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For tax year 2024—return you will file in 2025—the standard deduction amounts are: ... you’ll be better off with the standard deduction vs. itemization is to speak with a tax professional ...
For tax year 2024, the standard deduction is $14,600 for single filers and married individuals filing separately, $21,900 for heads of household, and $29,200 for married couples filing jointly.
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 ...
Here are the standard deductions for the 2022 and 2023 tax years: Single: $12,950 for 2022, $13,850 for 2023. Married, filing jointly: $25,900 for 2022, $27,700 for 2023.
Individuals who are 65 or older and those who are blind can claim an additional $1,750 for tax-year 2022, bringing their total standard deduction to $14,700. ... 6 best colors to wear if you have ...
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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November 12, 2021 at 12:46 PM The Internal Revenue Service announced annual inflation adjustments for the 2022 tax year, including the standard deduction and tax brackets.
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