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Here are the standard deductions for the 2022 and 2023 tax years: Single: $12,950 for 2022, $13,850 for 2023. ... Itemized Deductions. Itemized deductions that may be claimed include:
January 10, 2023 at 8:35 AM. At tax time, one major decision can help you maximize your tax benefits: You can either itemize your deductions or take the standard deduction — but you can’t do ...
The IRS gives taxpayers two options to lower taxable income: itemize deductions or take the standard deduction. The standard deduction for married taxpayers filing jointly is $25,900, up from $800...
The taxpayer must have maintained the records required to substantiate the itemized deductions. If the amounts of the itemized deductions and the standard deduction do not differ much, the taxpayer may take the standard deduction to reduce the possibility of adjustment by the Internal Revenue Service (IRS). The amount of the standard deduction ...
Under United States tax law, the standard deduction is a dollar amount that non-itemizers may subtract from their income before income tax (but not other kinds of tax, such as payroll tax) is applied. Taxpayers may choose either itemized deductions or the standard deduction, [1] but usually choose whichever results in the lesser amount of tax ...
The IRS officially started accepting tax returns on Jan. 23, which means it's time to dust off your receipts and gather your statements. Certain expenses qualify as tax deductions that can reduce ...
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