Standard deductions usually increase every year due to inflation. Below are the updated tax year 2020 standard deduction amounts:

• Married filing jointly: $24,800 — up $400 from 2019 tax returns
• Married filing separately: $12,400 — up $200 from 2019 tax returns
• Head of household: $18,650 — up $300 from 2019 tax returns
• Single: $12,400 — up $200 from 2019 tax returns

Please consult your tax advisor on all the above issues.

This entry was posted on Monday, December 7th, 2020 at 9:13 am and is filed under Tax Tips. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.