What are the allowed tax deductions for 2020?
Henry Morales
Published Mar 27, 2026
The standard deduction for 2020
| Tax Filing Status | 2019 Standard Deduction | 2020 Standard Deduction |
|---|---|---|
| Married Filing Jointly | $24,400 | $24,800 |
| Head of Household | $18,350 | $18,650 |
| Single | $12,200 | $12,400 |
| Married Filing Separately | $12,200 | $12,400 |
What is the individual tax deduction for 2021?
In 2021 the standard deduction is $12,550 for singles filers and married filing separately, $25,100 for joint filers and $18,800 for head of household.
What work expenses can you claim on taxes?
Here are some other business expenses employees can deduct on their tax return:
- Dues to professional societies, excluding lobbying and political organizations.
- Home office costs.
- Job search expenses in your current occupation, even if you don’t land a new job.
- Legal fees related to doing or keeping your job.
The standard deduction is a specific dollar amount that reduces your taxable income. In 2020 the standard deduction is $12,400 for single filers and married filing separately, $24,800 for married filing jointly and $18,650 for head of household.
What is the standard business deduction for 2020?
The qualified business income deduction (QBI) is a tax deduction that allows eligible self-employed and small-business owners to deduct up to 20% of their qualified business income on their taxes. In general, total taxable income in 2020 must be under $163,300 for single filers or $326,600 for joint filers to qualify.
How does the 20% pass through deduction work?
One provision of that new law—commonly known as 199A, or the 20% pass-through deduction—presented a unique opportunity to many small business owners: the chance to deduct 20% of their “qualified business income” (QBI) earned from a “qualified trade or business.”
Are there any new tax deductions for pass through businesses?
One of the most significant elements of the Tax Cuts and Jobs Act (TCJA) was a brand new tax deduction for pass-through businesses. Starting in 2018 and continuing through 2025, qualifying business owners can deduct from their income taxes up to 20% of their net business income. (IRC Sec. 199A.)
When does the pass through deduction phase out?
If your business is a “specified service trade or business,” (SSTB) and your taxable income is over a threshold amount, your pass-through deduction is gradually phased out. At the top of the of the income range, you get no deduction at all.
Who is not eligible for the pass through deduction?
Employees do not qualify for the pass-through deduction. The final regulations make it clear that employees cannot get the deduction simply by having their employers reclassify them as independent contractors.
