The standard deduction varies based on your filing status. If you’re single or married but filing separately, the standard deduction amount is $12,550. If you’re married and filing jointly or a widow, the deduction amount is $25,100. If you’re the head of household, the deduction amount is $18,000. If you’re blind or older than age 64, the deduction amount increases.
Most taxpayers opt for the standard deduction for a few reasons. You can still take the standard deduction even if you don’t have any expenses that qualify as an itemized deduction. It’s a tax-freebie! Also, choosing the standard deduction route eliminates the need to itemize your expenses, saving you a lot of time. Plus, you won’t have to keep track of receipts if you happen to get audited by the IRS.
In 2017, President Trump signed the Tax Cut and Jobs Act
(TCJA) which brought a lot of changes to taxes. One of the most important changes was the fact that it nearly doubled the standard deduction amount.