Deductions

in memory of flowers There are a variety of credits and deductions and for both individuals and business owners. The IRS announces changes to tax credits and deductions every year. To stay informed, you can visit the IRS website, particularly the Credits & Deductions page.

Standard Deductions

The amount of the standard deduction you will receive depends on the status you qualify for. In 2014, single taxpayers who file separate returns can claim a standard deduction of $6,200; this amount also applies to married couples who file separately. If you are married and are filing jointly, the standard deduction doubles to $12,400, while those filing as head of household can claim $9,100.

What You Can Deduct

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