What is the Standard Deduction?

The standard deduction is the amount of income you get to deduct from your total taxable income. Because the standard deduction lowers your taxable income, it means you pay less income tax. In 2019, the standard deduction for someone filing as single is $12,200. For a Head of Household, the standard deduction is $18,350. And…

Read More

Can I file taxes if my income was only SS and SSI?

Submitted by Veronica C. Living on only social security income tells me that you are resourceful and doing a good job managing your money. (SS is the benefit that you pay into during your working years and SSI is supplemental income designed to provide additional support for specific situations.) This question is tricky because I’m…

Read More

Do I Need to File a Tax Return?

Young white woman in a leather jacket smiles while talking to the camera

Hi, I’m Kasey, and I’m a tax expert here with Intuit’s TurboTax. I’m here today to talk about some frequently asked questions that many taxpayers have. Do I need to file? Not everyone is required to file a tax return every year. Generally, if your income doesn’t exceed certain thresholds, you don’t even have to file a return. The…

Read More