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