![]() ![]() The current rate is $12,000 for an individual or married filing individually, $18,000 for head of household, or $24,000 for a couple. Standard Deduction: this is an amount that you deduct right off the top just for being a living, breathing, tax-paying U.S. The following lists the most common deductions taken. Most people love it when they can pay less in taxes. This is a good thing, though, because it reduces your income and can move you into a lower tax bracket. Part of what makes the American tax code so complicated is the sheer number of allowed deductions. Also, if you're expecting a refund you'll need the name of your bank, checking account number, and routing number to have it directly deposited. The preceding list may be daunting but, rest assured, collecting all this information beforehand will save a lot of grief when it comes time to sit down and fill out your tax forms.
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