This article on standard deductions has been updated for the 2025 and 2026 tax years, after the “One Big Beautiful Bill Act” (OBBBA) legislation was passed. The IRS had previously released its 2025 standard deduction amounts, adjusted for inflation (similar to its tax rate brackets, maximum 401K and maximum IRA contribution levels, etc.). However, after passage of the OBBBA there has been some changes to the standard deduction amounts for 2025, along with a new “senior bonus” for individuals age 65+. And, inflation adjustments resulted in higher 2026 standard deduction amounts. Let’s start with some basics and then get into
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