Each new tax year typically brings with it several changes to the tax code that can affect your personal finances as well as business accounting practices. Here are the revised standard deductions for the current tax year 2023.

Standard Deduction:

• Single: $13,850

• Joint returns & surviving spouses: $27,700

• Married filing separately: $13,850

• Head of household: $20,800

The standard deduction increases by $1,500 for a married taxpayer aged 65 or older or blind ($3,000 if both 65 and blind); by $1,850 for a single taxpayer aged 65 or older or blind ($3,700 if both 65 and blind).

Personal Exemptions: Suspended through 2025

No personal exemption is allowed to an individual who is eligible to be claimed as a dependent on another taxpayer's return.