what is standard deduction 
the standard deduction is the portion of income not subject to tax that can be used to reduce your tax bill for 2023 the standard deduction was 13 850 for individuals 27 700 for joint filers or 20 800 for heads of household the standard deduction in 2024 is 14 600 for individuals 29 200 for joint filers and 21 900 for heads of households 12understanding the standard deductionthe internal revenue service irs allows you to take the standard deduction if you do not itemize your deductions using schedule a of form 1040 to calculate taxable income the amount of your standard deduction is based on your filing status your age and whether you are disabled or claimed as a dependent on someone else s tax return 3income tax is the amount of money that the federal or state government takes from your taxable income it is important to note that taxable income and total income earned for the year are not the same this is because the government allows a portion of the total income earned to be subtracted or deducted to reduce the income that is taxed taxable income is usually smaller than total income due to deductions which help lower your tax bill 45to qualify as blind you must have a certified letter from an eye doctor stating that you have non correctable 20 200 vision in your best eye or that your field of vision is 20 degrees or less 6the irs allows taxpayers to choose between two different types of deductions a set of itemized deductions and the standard deduction the standard deduction is a certain figure set by the government that can be subtracted from your taxable income 