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Standard Deduction

Standard Deduction

Definition: Standard deduction is an amount that non-itemizer taxpayer may subtract from his or her income before calculating income taxes. For tax years beginning after December 31, 2017 and before January 1, 2026, standard deductions are as follows:

(1) MFJ, increased from $13,000 to $24,000;

(2) Singles increased from $6,500 to $12,000; and,

(3) HOH increased from $9,550 to $18,000.

 

Zaher Fallahi, Tax Attorney, CPA, is a Tax Controversy Attorney, and defends taxpayers in resolving their Income Tax and Offshore Accounts (FBAR and FATCA) problems. Telephones: (310) 719-1040 (Los Angeles), (714) 546-4272 (Orange County), e-mail [email protected]