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Standard Deduction 2022-2023: How Much Is It and Should I Take It?
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wsj.comWhen it comes to filing your taxes, one of the first big decisions to make is whether you’ll be taking the standard deduction or itemizing your deductions.
Taxpayers taking the standard deduction don’t get a specific tax break for having mortgage interest, state and local taxes, or making charitable donations. That likely affects someone’s decisions about making donations or owning a home, among other things during tax season and beyond.
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