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.
Standard Deduction Explained: Maximize Your Tax Savings for 2024 & 2025
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Money Instructor does not provide tax, legal, or investment advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or investment advice. You should consult your own tax, legal, and investment advisors regarding your own financial situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing. Please note, the context of financial investments can be complex and dynamic, necessitating professional advice tailored to your unique circumstances.
