The standard deduction is a tax term that refers to the amount of money that can be subtracted from your total income when calculating your federal income taxes. This deduction is available to all filers, regardless of whether they itemize their deductions or take the standard deduction. The amount of the standard deduction varies depending on factors such as age and marital status, but it provides a simple way for many people to reduce their taxable income without having to keep track of every expense throughout the year.