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...
700, so it would be more beneficial to claim the standard deduction. For most people, the standard deduction is simpler and provides a larger benefit, but if you have substantial itemized deductions, itemizing could result in a lower tax bill....
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 ...
For the 2024 tax year, the standard deduction is $14,600 for those single or married filing separately; $29,200 for married filing jointly or qualifying surviving spouse; and $21,900 for head of household. You would itemize if your deductions are above t