The Standard Deduction is a fixed amount subtracted from an individual’s taxable income by the IRS, reducing tax liability, with amounts adjusted annually.
- What is the standard deduction?
Answer: It is a fixed amount reducing taxable income. - What is the 2025 amount?
Answer: It is approximately $14,600 for single filers (subject to IRS updates). - Who can claim it?
Answer: Most taxpayers can claim it unless itemizing. - What are the benefits?
Answer: It simplifies tax filing and lowers taxes. - How does HR assist?
Answer: HR educates employees on tax implications.
