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Individuals who are 65 or older and those who are blind can claim an additional $1,750 for tax-year 2022, bringing their total standard deduction to $14,700. The standard deduction also increases ...
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.
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).
In an October announcement, the IRS outlined these changes for 2023: The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700, up $1,800 from 2022. For single ...
Standard deduction: Individuals get a deduction from taxable income for certain personal expenses. An individual may claim a standard deduction . For 2021, the basic standard deduction was $12,550 for single individuals or married persons filing separately, $25,100 for a joint return or surviving spouse, and $18,800 for a head of household.
January 10, 2023 at 11:35 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 both.
The automatic deduction of taxes from paychecks partitions income into "net" and "gross" categories, framing net income as the primary reference point for financial decision-making. This mental accounting phenomenon can impact budgeting, savings, and spending habits, as individuals prioritize their disposable income while discounting the ...
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...