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 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.
*Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category.
The Found Mastercard Business debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc.
The information on this website is not intended to provide, and should not be relied on, for tax advice.
Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed.