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Here’s what that means: If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to $61,150. Standard Deduction ...
The 2023 standard deduction was $13,850 for single filers and those married filing separately, $27,700 for those married filing jointly, and $20,800 for heads of household.
For the 2023 tax year (for forms you file in 2024), the standard deduction is $13,850 for single filers and married couples filing separately, $27,700 for married couples filing jointly and ...
The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed. Your standard deduction consists of the sum of the basic standard deduction and any additional standard deduction amounts for age and/or blindness.
Standard Deduction Amounts. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023.
(Image credit: Getty Images) By Kelley R. Taylor. last updated 14 June 2024. in Features. Whether to take the standard deduction or itemize your deductions is an important decision you'll...
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