What Is The Standard Deduction? ShareThe standard deduction is a fixed dollar amount that reduces your taxable income. The amount varies depending on your filing status and is adjusted annually for inflation. Frequently Asked Questions - Personal Taxes5 Steps To Take Before You Prepare Your TaxesAre Taxes Being Delayed in 2022?Can I Claim My Stimulus Check On My Tax Return?Can I Deduct Charitable Contributions On My Tax Return?Can I Deduct My Home Office On My Tax Return?Can I Still File My Taxes If I Missed The Deadline?Can You Prepare My Taxes?