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Every year, the Internal Revenue Service adjusts the standard deduction to account for inflation. This is the basic deduction that all taxpayers get.
But don't just take the standard deduction. Total up all your deductions every year. If the total of your itemized deductions exceeds the standard deduction, then, by all means, itemize. It will save you money.
If your deductions don't exceed the standard deduction, then don't itemize.
| Filling status | Amount |
|---|---|
Married filing jointly or qualifying widow or widower | $10,700 |
Head of household | $7,850 |
Single | $5,350 |
Married filing separately | $5,350 |
| Filling status | Amount |
|---|---|
Married filing jointly or qualifying widow or widower | $10,900 |
Head of household | $8,000 |
Single | $5,450 |
Married filing separately | $5,450 |
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