Standard Deduction
TaxesA fixed dollar amount that reduces taxable income, available to all taxpayers who don't itemize ($14,600 single / $29,200 married in 2024).
Example
Example: In 2026, the standard deduction is $14,600 (single) or $29,200 (married filing jointly). On $75,000 gross income as a single filer, your taxable income is $75,000 - $14,600 = $60,400. You only itemize if your mortgage interest + state taxes + charitable giving exceeds $14,600 — which applies to only about 13% of taxpayers.