What is the standard deduction?

The standard deduction is the set amount the IRS lets you subtract from your income to lower your taxes. In practice, the standard deduction is reduces your adjusted gross income to get to your taxable income. You can think of the standard deduction as a freeby. You don’t need to actually have deductible expenses or keep receipts to claim it. The amount of your standard deduction will depends on your filing status—single, married, or head of household. Finally, to keep up with inflation, the standard deduction generally increases each year. For Tax Year 2024, the income return you file in 2025, the standard deduction amounts are as follows: • Single or Married filing separately, $14,600. • Married filing jointly or Qualifying surviving spouse, $29,200 • Head of household, $21,900.