Standard vs. Itemized Deductions
Information for Tax Year 2022 and 2023
Deductions can reduce the amount of tax you owe, which means a lower tax bill or a bigger refund. Most taxpayers can choose to take the standard deduction or itemized deductions. The standard deduction is quicker and easier, but itemizing may give you a higher amount.
Standard Deduction
The standard deduction is a fixed amount that adjusts every year based on your filing status. If you and/or your spouse is a senior or blind, you are entitled to a higher standard deduction.
2023 Standard Deduction Rates
Here are the current standard deduction rates for 2023 based on filing status:
Single and married filing separately: $13,850
Head of household: $20,800
Married filing jointly: $27,700
2022 Standard Deduction Rates
Here are the rates for 2022 standard deduction based on filing status:
Single and married filing separately: $12,950
Head of household: $19,400
Married filing jointly: $25,900
In some cases, taxpayers may not be allowed to use the standard deduction. This includes:
Married individuals who file separately where one spouse itemizes deductions
Individuals who don't file a tax return for all 12 months
Nonresidents and dual-status aliens (Learn more)
Itemized Deductions
Taxpayers may be required to itemize if they fall into one of the above categories or they can choose to itemize since it may lower their tax liability.
If the following tax situation applies to you, you may benefit from itemizing your deductions:
Large uninsured medical and dental expenses
Large uninsured casualty or theft losses
Large contributions to qualified charities
Paid interest and taxes on your home
However, individual itemized deductions may be limited.
If you need help filing your taxes to ensure you receive the lowest tax bill or your maximum refund, our tax preparers are well-educated on all the credits and deductions you may be able to take. Give us a call at (360) 922-0235 and they'd be happy to help!
Disclaimer: This material is prepared for informational purposes only, and is not tax advice. Please speak with a tax professional or view the resources below to see how this information may apply to you.
