Standard deduction for dependent taxpayers 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 ...
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 ...