As a tax expert, I specialize in providing guidance on tax deductions and credits that can help individuals and families reduce their tax liabilities. It's important to understand that tax laws and regulations are subject to change, and staying updated with the most current information is crucial for accurate tax planning and filing.

In 2017, the standard deduction is a significant aspect of tax filing for individuals, especially for those who are over 65 years old. The standard deduction is an amount that reduces the taxable income of a taxpayer, and it varies depending on the taxpayer's filing status. It's designed to simplify the tax filing process for those who do not itemize their deductions.

For single taxpayers, the standard deduction in 2017 was $6,350, which was an increase from the previous year's $6,300. This means that if you were a single individual filing your taxes in 2017, you could subtract $6,350 from your gross income before calculating your taxable income.

For married couples filing separately, the standard deduction also increased to $6,350 in 2017. This is the same as the single taxpayer's deduction and applies to each spouse if they choose to file separately.

For married couples filing jointly, the standard deduction was higher at $12,700 in 2017, an increase of $100 from the previous year. This allows for a combined deduction that can significantly reduce the taxable income for the couple.

For heads of households, the standard deduction was $9,350 in 2017, up from $9,300 in 2016. This category applies to individuals who are unmarried and pay more than half the cost of maintaining a home for themselves and a qualifying person.

Now, regarding individuals who are over 65, the standard deduction can be further increased if they are also blind or disabled. For single taxpayers and married filing separately, if they are over 65 or blind, an additional $1,250 can be added to the standard deduction. For heads of households who are over 65 or blind, the additional amount is $1,550. For married couples filing jointly, if both spouses are over 65 or blind, an additional $2,500 can be added to the standard deduction.

It's important to note that these figures are specific to the tax year 2017 and may not be applicable to subsequent years as tax laws are subject to change. Taxpayers should always consult with a tax professional or refer to the latest IRS publications for the most accurate and up-to-date information.

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The standard deduction for single taxpayers and married couples filing separately is $6,350 in 2017, up from $6,300 in 2016; for married couples filing jointly, the standard deduction is $12,700, up $100 from the prior year; and for heads of households, the standard deduction is $9,350 for 2017, up from $9,300.Oct 25, 2016read more >>