Coffee mug on table with tax forms

Changes to 2023 Tax Deductions

The following annual adjustments are applicable to the 2023 tax year.

  • Standard Deduction for married couples filing jointly: $27,700 (Up $1,800 from the 2022 tax season.)
  • Standard Deduction for single taxpayers & married taxpayers filing separately: $13,850 (Up $900 from the 2022 tax season)
  • Standard Deduction for head of households: $20,800 (Up $1,400 from the 2022 tax season.)
  • Maximum Earned Income Tax Credit: $7,430 (Up $495 from the 2022 tax season.)
  • Foreign Earned Income Exclusion for 2023: $120,000 (Up $8,000 from the 2022 tax season)

You can read more on irs.gov.
https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023

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