Yes, your answer is correct. Standard deductions are available to taxpayers who choose not to itemize their deductions on their tax returns. The standard deduction is a fixed dollar amount that reduces your taxable income, thereby lowering your overall tax liability. It is a simplified method that allows individuals to claim a set amount without having to calculate and report their individual deductible expenses. The standard deduction is determined by the tax laws and varies depending on your filing status, such as single, married filing jointly, or head of household. To claim the standard deduction, you simply need to indicate your filing status on your tax return.
