Standard Deductions According to the IRS, approximately two out of every three taxpayers claim the standard deduction on their income tax returns. In 2014, there was a change to the standard deduction amounts for all individual taxpayers, including: Single (Unmarried Individuals): $6,200, an increase of $100 Married Filing Separately: $6,200, an increase of $100 Head of Household: $9,100, an increase of $150 Married Taxpayers Filing Jointly and Qualifying Widow(er)s: $12,400, an increase of $200 If you have expenses more than your standard deduction, then it would be more advantageous to use the itemized deduction.
Posted on: Mon, 15 Sep 2014 17:45:42 +0000
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