Source: IRS What is the maximum earned-income tax credit for 2023? Here’s the standard deduction amount for each filing status:Ģ023 Alternative Minimum Tax Exemption for Married Joint Filers Exemption amount The increase to the standard deduction could mean you no longer need to itemize deductions when you file your taxes, potentially saving you hours of paperwork. Standard deductions for all filing statuses also got a 7% boost from 2022 to 2023, the biggest automatic inflation adjustment in history. Like the income tax brackets, the standard deduction gets an annual adjustment for inflation. The bulk of filers claim the standard deduction, in part because it’s easier-it doesn’t require tallying up select expenses such as charitable donations, major medical bills and state and local taxes. This reduces the amount of their income that’s taxable for the year.
Source: IRS What is the standard deduction for 2023?Īll tax filers can choose to take the standard deduction or itemize deductions.
2023 Income Tax Brackets for Married Joint Filers Tax rate
