what does standard deduction mean? do you claim one?
If you like to keep your taxes simple, you can claim the standard deduction. For the 2014 tax year, for which you'll file a return in 2015, it lets a single person subtract $6,200 right off the top of his income. This means that if you make $24,000 per year, the standard deduction reduces your taxable income to $17,800.
The standard tax deduction is a set amount a taxpayer deducts from his income on a federal tax return without the need to itemize his deductions, according to TurboTax. For 2015, the standard deduction is $6,300 for single taxpayers and $12,600 for couples filing jointly, reports Kelly Phillips Erb for Forbes. Keep Learning.