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Tax Tip 2015-01 - Standard Deduction
Mar 132015
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Standard Deduction

For tax year 2015, all taxpayers will see a slight bump in the standard deduction over the 2014 amounts. The standard deduction rises to $6,300 for single and married filing separately filing statuses, up from $6,200 for tax year 2014.  Married filing jointly filers will see an increase in the standard deduction to $12,600, up from $12,400 for tax year 2014. The standard deduction for heads of household rises to $9,250, up from $9,100.

The decision to itemize deductions will depend on whether or not the deduction exceeds the standard deduction amounts.  However, for married filing jointly taxpayers, if one spouse itemizes, the other spouse must also itemize.

For more information and assistance with determining the amount of your standard deduction, go to How much is my standard deduction.

Disclosure of Material Connection: Some of the links on this blog are “affiliate links.” This means if you click on the link and purchase the item, I might receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”

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