Standard Deduction 2025: What Every Taxpayer Must Know
What is the Standard Deduction? The Standard Deduction is a fixed dollar amount that reduces your taxable income. You do not need to provide documentation of expenses to claim it, unlike itemized deductions. Most taxpayers claim the standard deduction due to its simplicity and beneficial amount. IRC Code Reference for Standard Deduction The Internal Revenue […]
Adjusted Gross Income (AGI): What It Means for Your 2025 Tax Return
What is Adjusted Gross Income (AGI)? Adjusted Gross Income (AGI) is your total gross income for the year, minus specific deductions (also known as adjustments). It’s the starting point for calculating your federal income tax liability. Why AGI Matters for Taxpayers AGI determines: Your eligibility for tax credits (like the Child Tax Credit, Lifetime Learning […]