Standard Deduction

In order to make up for inflation, the standard deduction has received a little bit of a bump. Now, single taxpayers can deduct $12,400 while those filing jointly can deduct $25,800.

Thankfully, seniors benefit from a further increase. If you are 65 or older, you may add $1,600 to your standard deduction. With couples, things get a tiny bit more complicated but no less pleasant on your finances. If only one spouse is over the age of 65, you get an additional $1,300, but if both of you are over 65, the numbers go up to $2,600.

So consider going the standard deduction way come tax seasons as it appears to be a little bit more beneficial than the itemized deduction.