Will the Standard Deduction for 2025 Change Under OBBBA?

July 2025 If you're like 90% of taxpayers in the United States, there's a good chance you take the standard deduction when it comes time to file. Compared to itemizing your deductions, which requires you to keep detailed records and receipts of your qualified expenses throughout the year, taking the standard deduction is a relatively simple way to reduce your total taxable income. View the full article here.