STANDARD DEDUCTION

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Standard deduction amount increased. For 2023, the standard deduction amount has been increased for all filers, and the amounts are as follows.

• The standard amount you can deduct from income if you don't itemize your deductions is $13,850 ($27,700 for married couples filing jointly, or $20,800 if you file as head of household).

• Add $1500 if you or your spouse is age 65 or older or blind as of 01/02/2024

 

Due to the increase in the standard deduction and reduced usage of itemized deductions, you may want to consider filing a new Form W-4.

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