Search
Press "Enter" to search and "ESC" to close.
Inicio » English » Money » Taxes: How much is my standard deduction?

Taxes: How much is my standard deduction?

Suscríbete a Nuestro Boletín
Recibe por email las noticias más destacadas
  • April 18 is the deadline to file your tax return. 
  • Know what a standard deduction is and why it works for you.
  • Find who a standard deduction applies to.

What is the standard tax deduction for 2023? Find out everything about it! Tuesday, April 18, is the Internal Revenue Service deadline to file your tax return. First, you need to decide whether you will claim the standard or itemized deduction.

Find out when it makes sense to claim the standard deduction and what you need to do. Ultimately, it’s about paying the least amount of taxes possible. We tell you how!

What is the standard tax deduction?

Standard tax deduction
Shutterstock

What is the standard tax deduction? According to Internal Revenue Service, the standard deduction is a specific amount that reduces the amount of total income that you owe taxes on.

The standard deduction consists of the total amount established for the tax year plus the amount of money accumulated by factors such as age. Each year, the standard deduction is adjusted for inflation and varies depending on the data provided by the taxpayer. For example, whether you are married, widowed or head of household.

Standard deduction for 2023 tax year

taxes 2023
Shutterstock

In 2023, the United States Internal Revenue Service has adjusted the amount of standard deductions for taxpayers, depending on their filing status. For example, people who file their tax returns individually get a standard deduction of $13,850.

Married people who file jointly can deduct $27,700, while those who file as heads of household will deduct $20,800. However, there are some cases where it’s possible to deduct even more of your income.

Special cases

Standard tax deduction
Shutterstock

The standard tax deduction for 2023 has certain exceptions for vulnerable groups. The IRS grants an additional deduction if you are older than 65 or blind at the end of the tax year. If, for example, your are blind and older than 65, you can claim a standard deduction plus a deduction equal to the sum of the corresponding benefits for both people older than 65 and blind.

On the other hand, there are some cases where the standard deduction is smaller. For instance, when someone else can claim you as a dependent. In this cases, the standard deduction is limited to $1,150 or income earned for the year plus $400.

Those who cannot take a standard deduction

tax deduction
Shutterstock

Not all taxpayers can claim a standard tax deduction in 2023. These are the cases in which the taxpayer must file an itemized deduction. If you are married and file a separate tax return, but your spouse itemizes their deduction, you must as well.

Non-residents or people who file taxes for a period of less than one year as a result of a change in their accounting period cannot claim a standard deduction. Corporations and trusts also cannot claim standard deductions. To learn more, visit the official website of the IRS.

Etiquetas: ,
Related post
Regresar al Inicio