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  2. Standard deduction - Wikipedia

    en.wikipedia.org/wiki/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 ...

  3. What Is the Standard Deduction Amount for 2022-2023 and ... - AOL

    www.aol.com/finance/difference-between-standard...

    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.

  4. Taxes 2023: Here's how to know if you should itemize - AOL

    www.aol.com/finance/taxes-2023-heres-know...

    For the 2022 tax year, the standard deduction amounts are: $12,950 if you’re single or married filing separately. $19,400 for heads of household. $25,900 for married couples filing jointly and ...

  5. Confused About Tax Deductions? Here's A Simple Guide To How ...

    www.aol.com/news/how-do-tax-deductions-work...

    These are the standard deduction amounts for tax year 2021, which you file in 2022: Single: $12,550 ... if you think you qualified for more tax write-offs than the standard deduction is worth, you ...

  6. Tax Cuts and Jobs Act - Wikipedia

    en.wikipedia.org/wiki/Tax_Cuts_and_Jobs_Act

    The standard deduction nearly doubles, from $12,700 to $24,000 for married couples. For single filers, the standard deduction will increase from $6,350 to $12,000. About 70% of families choose the standard deduction rather than itemized deductions; this could rise to over 84% if doubled.

  7. Tax deduction - Wikipedia

    en.wikipedia.org/wiki/Tax_deduction

    A tax deduction or benefit is an amount deducted from ... income if the aggregate of those deductions exceeds the standard deduction, which in tax year 2018 in the U ...

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