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Standard Deductions Increased

The 2020 standard deduction amounts for 2020 have gone up and they are as follows:

  • Married Filing Jointly: $24,800
  • Married Filing Separately: $12,400
  • Head of Household: $18,650
  • Single: $12,400

The standard deduction reduces the amount of your income that is subject to Federal taxes. If a single person is eligible for and chooses to take the standard deduction (as opposed to itemizing deductions) on their 2020 tax return, they would not be taxed on the first $12,400 of their income in 2020.

Please call our office if you have any questions!