The IRS provides a standard deduction (i.e. up to that amount of gross income is tax-free) or you can itemize expenses to lower your tax bill. The 2018 standard deduction amounts are:
- Single or married filing separately: $12,000
- Married filing jointly or Qualifying widow(er): $24,000
- Head of household: $18,000
Was this Article helpful?
Let us know if you liked the post. That’s the only way we can improve.