Increased standard deduction
Well, if you’re a small business owner and you don’t pay a lot to charities and don’t itemize all kinds of complex business deductions, then your taxes should be simple, and in most cases, you probably already know about the standard deduction.
Well, it’s worth mentioning that once you reach 66, the standard deduction increases and the amount depends solely on your filing status. Also, it changes every year. For example, this year, the standard deduction for seniors is the 2022 amount. For the last year, seniors filing single but also married filing separately will get a standard deduction of $14,700.
Also, for those who are married and filing jointly, the standard deduction is $25,900 (remember the age category). The standard deduction for a widow, for example, is $25,900 if she or he qualifies. In most cases, taking the standard deduction is the best thing you can do, as you eliminate the need to itemize.
Also, if you’re blind, you have the option of increasing your standard deduction by $1,400 or $1,750, depending on whether you are filing single or as the head of the household. Looking to the next year, the 2023 IRS standard deduction for seniors is $13,850 for those who are filing single or married filing separately, $27,700 for qualifying couples or married filing jointly, and $20,800 for those who are head of household. Also, if you’re blind, you might be able to increase the standard deduction by $1,500.
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