Dr. Friday highlights the importance of understanding your 2025 standard deduction for accurate tax preparation. For singles, it’s $14,600; married couples get $29,200; and heads of household, $21,900. Plus, additional deductions apply if you’re over 65. Start with the standard deduction to assess your tax situation and ensure you’re ready for the season.
Transcript:
G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Preparing for your tax preparation is very important. Time is coming, and you need to understand simple things, like what the standard deduction is this year. If you’re single, it’s going to be $14,600. If you’re married, it’s $29,200. Heads of household get $21,900.
If you’re over the age of 65, you’ll add another $1,250 for married couples and $1,500 if you’re single. These are important numbers to start with. Knowing your standard deduction helps you figure out if you’ll owe taxes, get a refund, or what your overall situation will look like.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.