What’s the Standard Deduction for 2022 vs. 2021?
Unless you requested a tax filing extension, you should be done with your 2021 tax return by now. But after taking a short break from taxes to clear your mind, it’s a good idea to start thinking about your next federal income tax return now. Start with something basic – like the standard deduction.
You have a choice to make each year when filling out your federal income tax return: Do you claim the standard deduction or itemized deductions. You can’t do both, so you want to pick whichever one is higher. But you can’t determine which route is better for you unless you know how much your standard deduction is that year. It’s different from year to year and from person to person.
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