When filing your tax return, you may either choose to take the standard deduction or itemize deductions. The standard deduction offers you a set number to deduct on your tax return and can make tax preparation very quick.
If you choose to itemize your deductions, you may calculate the exact amount of deductions for which you are eligible to write off your tax return. It may be worth itemizing your deductions if you anticipate that you'll be able to save more than the standard deduction.
The standard deduction is as follows for the 2023 tax year:
- Single: $13,850
Married Filing Jointly: $27,700
- You may not file married filing jointly and take the standard deduction if your spouse chooses to itemize.
- Married Filing Separately: $13,850
- Head of Household: $20,800
You can learn more about standard and itemized deductions here.
This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post.