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For couples who file jointly, that standard deduction will be $30,000 for 2025, an $800 jump from the year prior. And heads of households will get a $22,500 standard deduction, up $600 from 2024.
For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).
The standard deduction will go up to $15,000 for 2025 tax returns — up $400 from 2024 ... the IRS noted that the limit for employee salary reductions for contributions to health flexible ...
The IRS gives taxpayers two options to lower taxable income: itemize deductions or take the standard deduction. The standard deduction for married taxpayers filing jointly is $25,900, up from $800...
Here are the standard deductions for the 2022 and 2023 tax years: Single: $12,950 for 2022, $13,850 for 2023. ... New images of UnitedHealthcare CEO shooting person of interest released. News. People.
When tackling your taxes, it can sometimes be hard to figure out whether to opt for a standard deduction or itemize. According to tax pros, itemizing generally only makes sense if your itemized ...
For single taxpayers and married individuals filing separately, the standard deduction will increase to $12,950 — up $400. The deduction for heads of household will rise to $19,400, a $600 increase.
So when claiming your standard deduction for 2023, you can take a higher standard deduction amount if you were born before Jan. 2, 1959. ... (per qualifying person) or qualifying surviving spouse ...