02/13/2024
DID YOU KNOW?
**Standard Deduction**
—The IRS allows taxpayers a deduction from total income before you are actually REQUIRED to pay income taxes.
This is called the STANDARD DEDUCTION
—The standard deduction is increased yearly for inflation.
The amount of your standard deduction is based on your filing status
Single $13,850
Head of Household $20,800
Married Filing Joint $27,700
Married filing Separate $13,850
Qualify Widower with dependent child $27,700
Additional $1500 is added to these amounts if you are over or blind. If over 65 and blind, you would receive an additional $3000 added to your standard deduction.
If your income is less then the Standard Deduction, you will receive a full refund of the federal income taxes withheld from your paycheck during the year.
**Pay with refund available**
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Dashonnon
Enrolled Agent