90% of taxpayers claim this deduction. And it’s going to be worth more in 2027

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Standard deductions reduce taxable income and therefore the taxes people owe. In many cases, the standard deduction is larger than itemized amounts and because claiming it is easier than identifying and totaling expenses.

There are several options when it comes to deductions when filing taxes. Some people choose to itemize their deductions. The vast majority, however, – 90% of taxpayers – don’t list deductions but instead file what’s known as a standard deduction.



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