How some older adults could see federal income tax savings of $480 or more from a new senior "bonus" tax deduction, if it's ...

The IRS has released the standard deduction amounts for the 2024-2025 tax year. ... Married and Head of Household. The size of your standard deduction depends largely on your tax filing status.

The standard deduction amount for 2024 is $14,600 for single taxpayers and married couples filing separately, $21,900 for head of household filers, and $29,200 for married couples filing jointly ...

Standard deduction for 2024 (taxes you file in 2025) Standard deduction for 2025 (taxes you file in 2026) Single: $14,600: $15,000: Married, filing jointly: $29,200: $30,000: Head of household ...

However, the basic standard deduction jumped a whopping 6.95% from 2022 to 2023 for the majority of people (7.22% for head-of-household filers). That’s because the inflation rate was even higher ...

One of the biggest advantages of filing as head of household is the higher standard deduction. For the 2024 tax year, heads of household can automatically deduct $21,900, compared to $14,600 for ...

For heads of household, the standard deduction is $21,900 in 2024 ($20,800 for 2023). Should I Claim Single or Head of Household? If you are not married, you can choose single as your filing status.

The standard deduction rose for 2023, running from $13,850 to $27,700. For tax year 2023, ... Standard deductions for single, married and head of household. For the 2023 tax year ...

Filing as head of household can come with significant benefits, including a bigger refund from the IRS. I remember the days I qualified for this filing status. When I had my first child, I went ...

The standard deduction amounts tend to increase slightly each year to adjust for inflation, and this year brings increases of over one thousand dollars. Let's take a look at how much you can claim ...

The standard deduction for tax year 2024 is $14,600 if you're single or married filing separately, $21,900 for head of household, and $29,200 for married couples filing jointly or qualifying ...

Itemized deductions and the standard deduction are two options that taxpayers can choose when filing ... 2025 Standard Deduction: Single or Head of Household: $1,950: $2,000: Married Filing ...