What Is the Tax Deduction for 2025? The standard tax deduction for single filers is $15,000 in 2025. This is the same for married individuals filing separately. For those married and filing jointly, the deduction is $30,000 in 2025. For heads of households, it is $22,500 in 2025. ...
The standard deduction is the portion of income not subject to tax that can be used to reduce your tax bill. For 2023, the standard deduction was $13,850 for individuals, $27,700 for joint filers, or $20,800 for heads of household. The standard deduction in 2024 is $14,600 for indi...
What is the standard deduction for tax year 2021? The standard deduction is adjusted annually for inflation, and the limits are based on your filing status. For tax year 2022, the standard deduction ranges from $12,950 for single filers to $29,9o0 for married filing jointly. In tax year...
For more tax tips and guidance, visit TurboTax.com. *The Standard Deduction in 2024 for single taxpayers is $14,600. With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start to finish. Or, get unlimited help and advice f...
Deciding between the standard deduction vs itemized deductions? Weigh the benefits by considering factors like charitable donations, medical costs, and mortgage interest.
Not anymore. For the tax years 2020 and 2021, tax filers were allowed to deduct up to $300 ($600 for married filing jointly) of cash charitable contributions they made, even if they took the standard deduction. This extra deduction isno longer availableas of 2022. ...
Taxpayers at least 65 years oldorblind can claim an additional standard deduction. For 2023, the amount rose to $1,500 ($1,850 for single filers and heads of household).4For 2024, these amounts were changed to $1,550 and $1,950, respectively.5 ...