Higher Standard Deductions in 2020
When you pay taxes, you have the option of taking the standard deduction or itemizing your deductions. If you itemize, you calculate your deductions one by one. Itemizing is more of a hassle, but it’s worth it if your itemized deductions exceed the amount of the standard deduction.
For tax year 2020, the standard deduction went up slightly to adjust for inflation.
Filing Status 2019 2020
Single $12,200 $12,400
Married Filing Jointly $24,400 $24,800
Married Filing Separately $12,200 $12,400
Head of Household $18,350 $18,650
Keep in mind that every situation is different as far as whether you should take the standard deduction or whether you should itemize.