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The standard deduction will go up to $15,000 for 2025 tax returns — up $400 from 2024 − for single taxpayers and married people filing separately.. The standard deduction climbs to $30,000 − ...
Most taxpayers opt for the standard deduction vs. itemizing. The standard deduction will increase to the following amounts in 2025: Single filers: $15,000. Heads of household: $22,500. Married ...
For heads of households, the standard deduction will be $22,500 for tax year 2025 — up $600 from 2024. About 90% of taxpayers claim the standard deduction now and do not itemize deductions.
Under United States tax law, the standard deduction is a dollar amount that non-itemizers may subtract from their income before income tax (but not other kinds of tax, such as payroll tax) is applied. Taxpayers may choose either itemized deductions or the standard deduction, [1] but usually choose whichever results in the lesser amount of tax ...
New IRS tax brackets for 2025. The IRS has raised the income thresholds for tax brackets by about 2.8% from 2024, CBS News reports. The agency also increased the standard deduction to $15,000 for ...
What’s the standard deduction for the 2024 tax year? The standard deduction for married couples filing jointly jumped $1,500 to $29,200. For single taxpayers and married individuals filing ...
The standard deduction is higher for 2024 tax returns. ... 2025 tax season calendar: Key dates and deadlines to remember. Jan. 27: The IRS starts processing 2024 tax returns.
Under Trump's latest proposals, the 2025 tax landscape could look dramatically different, ... Increased standard deduction: The standard deduction is nearly doubled, set at $15,000 for single ...