Standard Tax Deduction: How Much It Is in 2020-2021 and When to Take It

Author: External Author | | Categories: Small Business Tax Services

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The standard deduction is a specific dollar amount that reduces your taxable income. In 2020 the standard deduction is $12,400 for single filers and married filing separately, $24,800 for married filing jointly and $18,650 for head of household.

In 2021 the standard deduction is $12,550 for singles filers and married filing separately, $25,100 for joint filers and $18,800 for head of household.

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Original Article Source Credits:   Nerdwallet , https://www.nerdwallet.com/

Article Written By:  Nerdwallet

Original Article Posted on:  Apr 13, 2021

Link to Original Article:  https://www.nerdwallet.com/article/taxes/standard-deduction



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