The standard deduction is a fixed amount of money that taxpayers can deduct from their taxable income. It is a benefit provided by the government to reduce the tax burden on individuals and families. The standard deduction amount varies based on the taxpayer's filing status, age, and other factors.
Taxpayers can choose to take the standard deduction or itemize their deductions, whichever option provides a greater tax benefit. The standard deduction is designed to simplify the tax filing process and make it easier for taxpayers to calculate their tax liability.
The standard deduction amount can change each tax year. You can see the current amount used for the standard deduction by Found by following these steps:
Navigate to the Taxes tab in your Found account.
Tap the Tax Profile option.
Tap Deductions.
Tap No – I plan to itemize. This will show the amount that Found currently has set for your standard deduction and can be further adjusted from there.
