The IRS released the 2025 standard deduction amounts you’ll use for your 2025 tax return. These amounts for each filing status are adjusted for inflation every year. So, the standard deduction ...

The alternative minimum tax (AMT) can reduce or eliminate the benefit of the standard deduction for certain taxpayers, particularly those with higher incomes or specific types of tax-preference items.

Tax deductions help keep more money in your pocket, and when it's time to file your return, there are typically two ways to take them the standard deduction, *** single fixed amount, or itemize ...

As the April 15 tax deadline approaches, here’s what you need to know about claiming deductions on your tax return. The standard deduction is a flat-dollar reduction to your adjusted gross ...

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

However, that wasn’t the only change. “Under TCJA, they drastically changed the standard deduction,” says Shamisa Zvoma, CPA and tax principal with accounting firm Friedman LLP in New York City.