The standard deduction is a powerful tool for reducing your tax bill. It lowers your income — specifically, youradjusted gross income, or AGI — and thus reduces how much of your income is subject to taxes. If you’re a single filer, the current standard deduction will trim your AGI by...
Standard Deduction for Single: updated each year, see thecurrent year standard deduction. Itemized Deductions: $12,700. In this case, the standard deduction is higher than the total itemized deductions of $12,700, so it would be more beneficial to claim the standard deduction. For most people...
For many people, the most significant changes in the tax overhaul are the almost doubling of the standard deduction and the abrogation of the personal exemption. The standard deduction is the amount filers subtract from income if they do not break deductions for mortgage interest, charitable contrib...
2025 Single vs. Head of Household Ever wonder what the difference is between a single filer and a head of household filer? The head of household filing status seems to be much like a single filer except you get a few higher amounts, like a $22,500 standard deduction versus the single ...
The standard deduction.This is a specific amount that you deduct from your income depending on whether you’re a single filer, married, or a “head of household.” Itemized deductions.This is an amount you deduct from your income based on the total from a list of accepted or “qualified”...