How Much Is the Standard Deduction? – Grand Island Independent

0

You can either claim the standard deduction, or you can itemize your deductions in the hopes that it will result in a higher total tax break for you.

Knowing what each year’s standard deduction entails will make it easier for you to decide whether itemizing makes sense.

The 2021 standard deduction The standard deduction you’re entitled to is based on your filing status.

In 2020, the standard deduction was: $12,400 for single filers and married couples filing separately $24,800 for married couples filing jointly $18,650 for heads of household In 2019, the standard deduction was: $12,200 for single filers and married couples filing separately $24,400 for married couples filing jointly $18,350 for heads of household In 2018, the standard deduction was: $12,000 for single filers and married couples filing separately $24,000 for married couples filing jointly $18,000 for heads of household The Tax Cuts and Jobs Act The Tax Cuts and Jobs Act, which was passed in late 2017, made a lot of changes to the tax code.

* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now… and Walmart wasn’t one of them!

LEAVE A REPLY

Please enter your comment!
Please enter your name here