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2. What Is the Standard Deduction Amount for 2022-2023 and When ...

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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. Married, filing jointly: $25,900 for 2022, $27,700 for 2023.

3. New Tax Regime - Wikipedia

   en.wikipedia.org/wiki/New_Tax_Regime

   As per an analysis by the Revenue Department, 91.7% of tax filers (about 5.3 crore out of 5.78 crore tax filers) claimed a cumulative deduction (Sec 80 (C) + Sec 80 (D) + NPS + Loan Interest Repayment + Standard Deduction + others) of less than ₹2 lakh and less than 1 per cent of all tax filers (nearly 3.7 lakh) claimed deductions of over Rs ...

4. Standard deduction - Wikipedia

   en.wikipedia.org/wiki/Standard_deduction

   For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).

5. What Is the Standard Deduction for Married Filing Jointly in ...

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   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...

6. Why More People Are Opting for the Standard Deduction in 2023

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   Find Out: 8 IRS Secrets To Know for the 2023 Tax Filing Season See: 3 Signs You’re Serious About Raising Your Credit Score Deductions aren’t the same as tax credits, which lower your bill on a ...

7. Itemized deduction - Wikipedia

   en.wikipedia.org/wiki/Itemized_deduction

   Per the Tax Cuts and Jobs Act of 2017, miscellaneous itemized deductions are not deductible for tax years 2018 to 2025.. For tax years before 2018: Miscellaneous itemized deductions are subject to a 2% floor, [5] a.k.a. the "2% Haircut".