What is the Standard Deduction and When Should You Take It?

The standard deduction is a mechanism that reduces the amount of income that’s eligible for tax. For the current tax year, the standard deduction is worth $12,000 for single taxpayers and $24,000 for married taxpayers filing jointly. If you’re filing as the head of household, it’s worth $18,000.

How Does the Standard Deduction Work?

standard deduction

You can claim the standard deduction even if you don’t qualify for any other tax credits or deductions. Every taxpayer is entitled to it, no questions asked.… Read the rest