Navigating Taxes: Understanding the Standard Deduction for 2024 and 2025 for Those Over Sixty-Six
Understanding the Standard Deduction At its core, the standard deduction is a pre-determined amount of income that the Internal Revenue Service (IRS) allows you to subtract from your gross income. This subtraction reduces your taxable income, ultimately lowering the amount of taxes you owe. Think of it as a base amount of income that the … Read more
