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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 tax ...

3. Retirees 65 and Older Eligible for Extra Standard Deduction ...

   www.aol.com/retirees-65-older-eligible-extra...

   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 ...

4. Taxes 2023: What's the standard deduction for people over 65?

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   The IRS considers an individual to be 65 on the day before their 65th birthday. The standard deduction for those over age 65 in 2023 (filing tax year 2022) is $14,700 for singles, $27,300 for ...

5. Personal exemption - Wikipedia

   en.wikipedia.org/wiki/Personal_exemption

   Personal exemption. Under United States tax law, a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax. In 2017, the personal exemption amount was $4,050, though the exemption is subject to phase-out limitations.

6. Should you itemize or take a standard deduction on your tax ...

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   According to tax pros, itemizing generally only makes sense if your itemized deductions, taken together, add up to more than the current standard deduction of $13,850 for a single filer and ...

7. State and local tax deduction - Wikipedia

   en.wikipedia.org/wiki/State_and_local_tax_deduction

   The Tax Cuts and Jobs Act of 2017, signed into law by President Donald Trump, capped the total SALT deduction at $10,000 for the tax years 2018 through 2025. [4] The bill also increased the standard deduction, which significantly reduced the number of taxpayers who claim the SALT deduction. [23]