Homeowners have two choices when claiming deductions to reduce their taxable income: the standard or itemized deduction. But ...

The IRS has announced inflation adjustments for 2025, bringing positive changes to tax credits and deductions. These adjustments, particularly in the standard deduction, are set to benefit a ...

The standard deduction for tax year 2024 is $14,600 if you're single ... The National Consumer Unit reviewed individual income tax returns for tax year 2022, the most recently available IRS data, and ...

“So the combination of those two helped to bring down the effective tax rates for individuals across the income spectrum.” In 2024, the standard deduction is $14,600 for single filers and ...

In 2025, the standard deduction is set at $15,000 for single filers and married individuals filing separately, $30,000 for married couples filing jointly and $22,500 for heads of households.

I recommend that you do not be lazy and go through the effort of compiling your itemized deductions. Your efforts may be greatly rewarded!

Individuals can reduce their taxable income ... Both single and joint filers received a standard deduction that was nearly double the pre-TCJA levels when the Act was implemented.

Most taxpayers qualify for the standard deduction, according to the Internal Revenue Service, which is $14,600 for individuals, $21,900 for heads of households, and $29,200 for married couples ...

The Tax Cuts and Jobs Act (TCJA), a massive overhaul of the tax code, is set to expire at the end of 2025. Here’s what could happen.

The standard deduction for tax year 2024 is $14,600 ... The National Consumer Unit reviewed individual income tax returns for tax year 2022, the most recently available IRS data, and found that ...