Amid rising costs and squeezed disposable incomes, the spotlight is on the new tax regime, with experts pushing the demands ...

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 ...

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 ...

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.