When it comes to filing your taxes, one of the first big decisions to make is whether you will be taking the standard ...

As Budget 2025 nears, more changes to the new tax regime are expected to simplify taxes and benefit salaried employees and pensioners.

Claiming the standard deduction is easier, because you don’t have to keep track of expenses. The 2023 standard deduction is $13,850 for single taxpayers ($20,800 if you’re filing as head of ...

So, that's why your 2024 standard deduction is higher than it was for the 2023 tax year. (You can see how that works in the charts for 2023 compared to 2024 below). But, for example, let’s say ...

You can only deduct unreimbursed medical expenses that exceed 7.5% of your adjusted gross income (AGI), found on line 11 of your 2023 Form ... greater than your Standard Deduction.