Standard Tax Deduction: How Much It Is and When to Take It ... 2025

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IRS extra standard deduction for older adults For 2024, the additional standard deduction is $1,950 if you are single or file as head of household. If youre married, filing, jointly or separately, the extra standard deduction amount is $1,550 per qualifying individual.
Standard deductions. For single taxpayers and married individuals filing separately for tax year 2025, the standard deduction rises to $15,000 for 2025, an increase of $400 from 2024. For married couples filing jointly, the standard deduction rises to $30,000, an increase of $800 from tax year 2024.
If the total is larger than your Standard Deduction, theres a good chance you would benefit from itemizing. All of the rest of your itemized deductions, including state and local taxes, medical expenses, and charitable donations, are just icing on the cake.
In the case of an individual, the miscellaneous itemized deductions for any taxable year shall be allowed only to the extent that the aggregate of such deductions exceeds 2 percent of adjusted gross income.
Generally, if your standard deduction is greater than the sum of the itemized deductions for which you qualify, then you just take the standard deduction instead. The size of your standard deduction depends on a few factors: your age, your income and your filing status.
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If you itemize, you can deduct these expenses: Bad debts. Canceled debt on home. Capital losses. Donations to charity. Gains from sale of your home. Gambling losses. Home mortgage interest. Income, sales, real estate and personal property taxes.
Types of itemized deductions mortgage interest you pay on up to two homes. your state and local income or sales taxes. property taxes. medical and dental expenses that exceed 7.5% of your adjusted gross income.
Itemized deductions are IRS-allowed expenses that can directly reduce your taxable income. You may consider itemizing your deductions if your individual expenses add up to more than the standard deduction. Common itemized deductions include medical expenses, charitable contributions and mortgage interest costs.

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