The Standard Deduction Will Be a Little Bit Bigger In 2020

You don't want to make the wrong choice



Most tax filers look for every opportunity to reduce what they owe the IRS. And one of the biggest ways to reduce your tax bill is to be smart about the deductions you claim.

You'll have the choice between two options when you decide how to structure your deductions: You can itemize, or you can claim the standard deduction. 

You don't want to make the wrong choice and be taxed on more income than you should, so you need to know how much the standard deduction is worth. While the amount depends upon your filing status, there's some good news for every tax filer -- the standard deduction will be higher in 2020. 

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Source: The Motley Fool

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