Image courtesy of user "777546" on

Image courtesy of user “777546” on

The “standard deduction” is a deduction all taxpayers are entitled to. The deduction reduces taxable income.

The alternative to the standard deduction is “itemized deductions.” Itemized deductions include things such as mortgage interest, property taxes and charitable contributions. If the total of your itemized deductions is greater than your standard deduction, you’ll claim itemized deductions instead.

The amount of the standard deduction varies depending on your filing status. For 2015 returns, the standard deduction amounts were:

  • Single or Married Filings Separately: $6,300
  • Head of Household: $9,250
  • Married Filing Jointly: $12,600

For more tax terms, check out the Glossary page on this website.

“This blog post, along with comments that may follow, should not be considered tax advice. Before you make final tax or financial decisions, please secure a professional tax advisor to give you advice about your unique situation. To secure Jason as your accountant, please click on the ‘Services’ link at the top of the page.”