What Is The Standard Deduction for 2021?

The IRS updated the standard deductions for the 2021 tax year.

On your Form 1040, you can select a standard deduction depending upon your tax filing status.

Single & Married Filing Separate: $12,550
Married Filing Joint Filers: $25,100
Head of Household Filers: $18,800

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DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.