Question 1

What is the standard deduction for tax year 2025, and will it change for 2026?

Accepted Answer

For 2025, the standard deduction is $15,750 for Single or Married Filing Separately, $31,500 for Married Filing Jointly or Qualifying Surviving Spouse, and $23,625 for Head of Household, per IRS Publication 17. P.L. 119-21 permanently extended the increased standard deduction with inflation indexing, so 2026 amounts may be slightly higher. Check IRS.gov for the official 2026 figures when released.

Question 2

Who is not eligible to claim the standard deduction?

Accepted Answer

According to IRS Publication 4012 and Publication 17, you cannot claim the standard deduction if your filing status is Married Filing Separately and your spouse itemizes, if you are a nonresident or dual-status alien (unless you elect to be treated as a U.S. resident), or if you are filing for a short tax year due to a change in accounting period. If you can be claimed as a dependent, your standard deduction may also be limited.

Question 3

Can I deduct the value of my time when volunteering for a charity?

Accepted Answer

No. Publication 526 explicitly states that the value of your time or services is not deductible as a charitable contribution. However, you may be able to deduct unreimbursed out-of-pocket expenses you incur while serving a qualified organization as a volunteer, provided you have proper documentation.

Question 4

What is the maximum charitable contribution deduction I can claim?

Accepted Answer

According to Publication 526, your deduction for charitable contributions generally cannot exceed 60% of your AGI. Further limits of 50%, 30%, or 20% may apply depending on the type of property donated and the type of recipient organization. If your total contributions are 20% or less of AGI, the more restrictive percentage limits generally will not apply. Excess contributions may be carried forward.

Question 5

How does the Qualified Business Income (QBI) deduction work, and what are the income limits?

Accepted Answer

The QBI deduction allows eligible self-employed individuals and small business owners to deduct up to 20% of qualified business income. P.L. 119-21 made this deduction permanent. Per Publication 4012, limitations on the deduction begin when taxable income before the QBI deduction exceeds $394,600 for Married Filing Jointly or $197,300 for all other filing statuses. The deduction is calculated on Form 8995 or Form 8995-A and reported on Form 1040.

Question 6

How does the Qualified Business Income (QBI) deduction work, and what are the income limits?

Accepted Answer

The QBI deduction allows eligible self-employed individuals and small business owners to deduct up to 20% of qualified business income. P.L. 119-21 made this deduction permanent. Per Publication 4012, limitations on the deduction begin when taxable income before the QBI deduction exceeds $394,600 for Married Filing Jointly or $197,300 for all other filing statuses. The deduction is calculated on Form 8995 or Form 8995-A and reported on Form 1040.

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