What is the standard deduction? Learn how the standard deduction can make your taxes simpler while saving you money in 2024 and 2025. We cover the basics, benefits, and choices to help you decide if the standard deduction is right for you.
Understanding the standard deduction can help you simplify your taxes and save money in 2024 and 2025. This video covers everything from the standard deduction amounts for different filing statuses to extra deductions for those 65 or older and how inflation impacts deduction amounts each year. You’ll learn the key differences between taking the standard deduction versus itemizing and how to choose the option that best lowers your taxable income. Whether you're new to tax filing or want to maximize your tax savings, this guide breaks down how the standard deduction works to make tax season easier.
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Information is for educational and informational purposes only and is not be interpreted as tax, financial, investing, or accounting advice. This does not represent a recommendation to buy, sell, or hold any security. Please consult your professional advisor.
