standard deduction

The Standard Deduction is a specific dollar amount that taxpayers can subtract from their total income when filing taxes, reducing their taxable income. It simplifies the process by allowing individuals to take this fixed deduction instead of itemizing every expense. The amount varies based on filing status—single, married, or head of household—and may change each year. By using the Standard Deduction, taxpayers can potentially lower their overall tax bill, making it a straightforward option for managing their taxes.