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What's new for 2023? Here's a quick rundown.
Standard deduction for single $13,850 (+$900)
Head of household standard deduction $20,800 (+$1,400)
Married filing jointly standard deduction $27,700 (+$1,800)
Earned Income Credit
The IRS increased the 2023 maximum Earned Income Tax Credit amount to $7,430 for qualifying taxpayers who have three or more qualifying children, up from $6,935 for tax year 2022.
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