Generally, a standard deduction is the best choice for taxpayers whose total itemized deductions do not add up to more than ...

What's the difference between standard and itemized deductions? Here's what it could mean for your 2025 tax refund.

The standard deduction is a flat dollar amount the IRS sets based on your filing status. It’s the simplest way to reduce your taxable income on your tax return. In fact, Congress created the ...

If you're in college, money is likely tight. You can generally file your taxes for free if you have a straightforward return. Taxpayers with adjusted gross incomes of $84,000 or less can prepare and ...

The IRS typically adjusts the standard deduction each year for inflation. The amount a filer qualifies for depends on filing status, whether the taxpayer is 65 or older, if the filer is blind and ...

For example, the partnership may discover, after the filing, that it erroneously omitted income or failed to claim deductions that it was entitled to claim. Under the BBA audit rules, a ...

Choosing the right one is crucial because it affects your standard deduction"assuming ... If you're married according to IRS ...

The same pass-through rules apply for income ... your taxable income. The standard deduction for the 2024 tax year is $14,600 for single filers and married people filing separately, $21,900 ...