Standard Deduction

A flat amount the IRS lets you subtract from your income before calculating tax. Most people take it.

Full explanation

The standard deduction is a fixed dollar amount that reduces your taxable income. For 2026: $16,100 (Single/Married Filing Separately), $32,200 (Married Filing Jointly), $24,150 (Head of Household). Additional amounts for taxpayers 65+ or blind. About 89% of taxpayers take the standard deduction rather than itemizing. You don't need receipts or documentation — it's automatic. If your itemized deductions would exceed the standard deduction, itemizing saves you more.

Source: IRS Publication 501 — Standard Deduction

Ask the AI about this

“How does standard deductionaffect my taxes?”

Tax education only. Source: IRS Publication 501 — Standard Deduction.