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When you file your federal income tax return, you have two choices: take the standard deduction or itemize your deductions. Check Out: 8 IRS Secrets To Know for the 2023 Tax Filing SeasonMore: 3 ...
For the 2022 tax year, the standard deduction amounts are: ... Itemized deductions. ... The Internal Revenue Service encourages taxpayers to file their returns online to avoid paper delays.
For tax year 2023, this means that the standard deduction for singles is $13,850, up from $12,950, while joint filers will enjoy a bump of $1,800 in their standard deduction, to $27,700. Pandemic ...
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...
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 cannot be changed following an audit unless the taxpayer's filing status changes.
The standard deduction reduces a taxpayer’s taxable income, ensuring that only households with income above certain thresholds will owe income tax. The standard deduction amounts for 2023 are ...
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