USA Standard Deduction Over the Years: 1992–2024

USA Income Tax Standard Deduction from 1992 to 2024 for 4 filing statuses (MFS, Single, HOH, and MFJ).

MFS - married filing separately;
Single - unmarried, no dependents;
HOH - head of household;
MFJ - married filing jointly;

-----DEFINITIONS-----
The standard deduction is a dollar amount that you can subtract from your taxable income in the United States tax system. It's essentially a set amount the government allows you to deduct without needing to itemize your deductions.
• Available to taxpayers who don't itemize deductions.
• Amount varies based on filing status, age and/or blindness.
• Can change yearly due to inflation or tax law changes.
• Choice between standard deduction or itemizing deductions.
• Simplifies tax filing by eliminating the need to track individual deductions.

------MADE WITH------
Made with Flourish.studio:
http://flourish.studio/

Online project:
https://public.flourish.studio/visualisation/17700841/

-----Data Sources-------
TaxNotes:
https://www.taxnotes.com/research/federal/reference-tables/standard-deduction/1x7yp
——————————DISCLOSURE———————————
The information presented in this video is for informational and educational purposes only. It is not intended to render tax advice for any specific situation. Those needing assistance with a specific situation should consult with a qualified Tax Professional.

The information in this video is based on current tax law and IRS regulations as of date of publication and is subject to change.

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Видео USA Standard Deduction Over the Years: 1992–2024 канала Tax, Life & Finances