Archived Posts: Standard Deductions

Tax Provisions for 2020 As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2020. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction for married couples filing a joint return in 2020 is $24,800. For singles and married individuals filing separately, it is $12,400, and for heads of household, the deduction is $18,650. The additional...