The Standard Deduction Explained
Yoseph Shomer, CPA
CPA for all your business tax needs | Professional. Patient. Personal.
Taxpayers are entitled to the Standard deduction and may utilize the itemized deduction if it’s higher than the Standard Deduction.
The standard deduction for 2024 for taxpayers filing as married filing jointly is $29,200.
This is the amount married taxpayers are automatically entitled to, lowering their taxable income.
For example, if a couple earned a combined income of $100,000 in 2024, the standard deduction lowers their taxable income by $29,200 to $70,800.
The standard deduction varies based on the filing status of the taxpayer per below:
? Single or MFJ: $14,600
? Head of Household: $21,900
? Taxpayers above 65 have an additional amount to the above
I'll continue the discussion on the Itemized deduction in a separate post.
Have a question about this or another tax-related matter? Feel free to reach out!
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7 个月If you could elaborate itemised deductions particularly in case of substantial theft loss where the tax payer is not in possession of sufficient and appropriate evidence with him. Regards