The standard deduction: income you don’t pay tax on.
The standard deduction is a fixed amount you subtract from your income before tax is figured. Almost everyone gets it, and you don’t need receipts.
Standard deduction for your 2026 return
| Filing status | Standard deduction |
|---|---|
| Single or married filing separately | $16,100 |
| Head of household | $24,150 |
| Married filing jointly | $32,200 |
People 65 or older get an extra amount, and from 2025 through 2028 there is also a new deduction of up to $6,000 for seniors, which shrinks at higher incomes.
Sources: IRS: Tax year 2026 inflation adjustments · IRS: Working Families Tax Cuts (tips, overtime, seniors)
You pick whichever is bigger
Instead of the standard deduction, you can itemize: add up certain real expenses like mortgage interest, state and local taxes (now capped at $40,000 for several years) and charity. You use whichever total is larger.
Yusuf, single, owns a home in Richmond Hill. His mortgage interest, property and income taxes and donations add up to $21,000. That’s more than the $16,100 standard deduction, so itemizing lowers his taxable income by an extra $4,900.
Sources: IRS: Publication 501 (filing status, dependents, standard deduction) · Fraim CPA: SALT cap under the 2025 tax law
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Frequently asked
Do I need receipts for the standard deduction?
No. It is automatic. Receipts matter only if you itemize or have business expenses.
Should I itemize?
Homeowners in New York with a mortgage and high property taxes often benefit. Renters usually take the standard deduction.
Sources: IRS: Tax year 2026 inflation adjustments · IRS: Working Families Tax Cuts (tips, overtime, seniors) · IRS: Publication 501 (filing status, dependents, standard deduction) · Fraim CPA: SALT cap under the 2025 tax law
Figures and rules on this page come from the official and published sources linked above, as of November 2026. People and numbers in the examples are made up to explain the idea. This page is general information, not tax or legal advice for your situation, and laws change; check the linked source or ask a licensed CPA before you act.
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