The standard deduction for 2021 is set to increase to $25,100 for MFJ couples and $12,550 for single taxpayers. With the additional increase per person for above-the-line donations allowed on the upcoming 2021 return, many taxpayers who are used to itemizing deductions can expect to now benefit from taking the standard deduction.
For more information, contact Kristen Woodall at 770-287-7800 or firstname.lastname@example.org. Stay tuned for more tax tips or follow them on our social media accounts every #TaxTipTuesday!
Read more: https://www.irs.gov/newsroom/things-taxpayers-should-know-when-choosing-between-standard-and-itemized-deductions