How Much Will the 2025 Standard Tax Deduction Actually Save You?

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How Much Will the 2025 Standard Tax Deduction Actually Save You?

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How Much Will the 2025 Standard Tax Deduction Actually Save You?

//business-finance.news-articles.net/content/202 .. 25-standard-tax-deduction-actually-save-you.html

Published in Business and Finance on Monday, March 24th 2025 at 17:20 GMT by Investopedia
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Looking ahead to your 2025 taxes and wondering about standard tax deduction amounts for each filing status? Here's what's changed from the 2024 tax year.

The article from MSN Money discusses the anticipated changes to the standard tax deduction for the year 2025, following the Tax Cuts and Jobs Act (TCJA) of 2017. It explains that the TCJA nearly doubled the standard deduction, which has been adjusted for inflation each year. For 2025, the standard deduction is expected to increase again due to inflation adjustments, potentially saving taxpayers more money if they choose not to itemize their deductions. The article provides an estimate of what these deductions might look like, with figures suggesting that single filers could see a standard deduction around $13,850, and married couples filing jointly might get about $27,700. However, these numbers are projections based on current inflation rates and could change. The piece also notes that while the increase in the standard deduction reduces the number of people who itemize, it simplifies tax filing for many, but those with significant itemizable expenses might still find itemizing beneficial.

Read the Full Investopedia Article at:
[ https://www.msn.com/en-us/money/taxes/how-much-will-the-2025-standard-tax-deduction-actually-save-you/ar-AA1Bzsvw ]

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