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 ...
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...
This was offset by an increase in the standard deduction, though that is little solace to folks who regularly itemize their deductions. 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 ...
The IRS usually updates the standard deduction amounts annually. Here are the 2024 standard deduction amounts for eachfiling status: $14,600 for those single or married filing separately $29,200 for those married filing jointly or a qualifying surviving spouse ...