Easy Books
Easy Books
Making it EASY for you!
Tax Rates For 2023
The 2023 tax rates remain 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Most of the changes in the legislation known as TCJA (Tax Cuts & Jobs Act) took effect in 2018.
Standard Deduction
The standard deduction is a dollar amount that reduces the amount of income on which you are taxed and varies according to your filing status. The standard deduction reduces the income subject to tax. The Tax Cuts and Jobs Act of 2018 nearly doubled standard deductions.
For the 2024 tax filing season, the standard deduction amounts will be increased slightly as in previous years. The increased standard deduction will continue to allow more individuals to file without itemizing deductions on Schedule A.
The 2023 standard deduction for each filing status is:
Single...................................................................$13,850
Married filing jointly.........................................$27,700
Married filing separately .................................$13,850
Head of household.............................................$20,800
These amounts are indexed for inflation and therefore increase every year. Additionally the amounts are higher if you or your spouse are blind or over age 65. Most taxpayers have the choice of either taking a standard deduction or itemizing.
Personal Exemption