What is the IRS Standard Deduction in 2025 and 2026?
nationaltaxreports.com
What is the IRS Standard Deduction in 2025 and 2026?
Every taxpayer should know about the IRS standard deduction. It is an important part of your tax return. It can greatly lower your taxable income. But what exactly is the IRS standard deduction? It's a fixed dollar amount. This amount is subtracted from your income before calculating your tax.
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Tax year 2025 brings major changes, including tax exemptions on tips and overtime through 2028, plus a new $6,000 deduction for seniors. Experts say there’s still time to maximize deductions by boosting retirement and HSA contributions, logging expenses, and using available credits before year’s end as the IRS treats 2025 as a transition year. | Scripps News
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