what is the tax deduction for 2023 
the standard tax deduction for single filers is 13 850 in 2023 this is the same for married individuals filing separately for those married and filing jointly the deduction is 27 700 in 2023 for heads of households it is 20 800 in 2023 7for tax year 2024 the standard deduction increases to 14 600 29 200 and 21 900 respectively 6the bottom linea deduction is an expense that a taxpayer can use to reduce their gross income thereby reducing the overall taxes they pay the irs allows for a variety of deductions that individuals can use to reduce their gross income taxpayers are allowed to itemize their deductions or to take the standard deduction which is much larger now than in the past thanks to the tcja of 2017 it is best to consult a tax professional or financial advisor to see which method of deductions has the greatest benefit for your individual tax situation 