Higher standard deductions
Standard deductions are generally rising every year, depending on the adjustments made for inflation. For 2022, the standard deduction amounts for the next tax-filing statuses are:
- married filing jointly: $25,900 and up to $800 from 2021
- married filing separately: $12,950 and up to $400
- surviving spouse: $25,900 and up to $800
- head of household: $19,400 and up to $600
- single: $12,950 and up to $400
The standard deduction focuses on reducing the amount of your income that might be targeted by federal taxes.
In consequence, if there’s only one person who is eligible and chooses to take the standard deduction on their 2022 tax return, they might not be taxed on the first $12,950 of their income from 2022.
(Visited 206,124 times, 1 visits today)
1 thought on “16 Income Tax Changes Coming in 2023”
Thank you so much for valuable info, especially for seniors.