A tax deduction is an expense that we can subtract from our income before paying taxes on our income. For example, if I earn $100,000 per year, and I have a $10,000 tax deduction, I would only have to pay income taxes on $90,000. Taxpayers can either itemize individual tax deductions (such as qualified home mortgage interest and property taxes), or they can take a “standard deduction,” which is a flat amount. In 2017, the standard deduction was $6,350 for single taxpayers $12,000 for married taxpayers who file a joint tax return. However, the new tax law basically doubled the standard deduction. In 2018, the standard deduction is $12,000 for single taxpayers $24,000 married taxpayers who file a joint tax return.