"Understanding the Additional Standard Deduction for Seniors Aged 65+"
Older adults aged 65 and over can benefit from an extra standard deduction on their 2023 taxes, potentially reducing their taxable income and resulting in a smaller tax bill. This additional deduction varies based on filing status and whether the individual or their spouse is blind. For 2023, the extra amounts range from $1,500 to $3,700, on top of the regular standard deductions. The decision to itemize or take the standard deduction should be based on whether itemized deductions exceed the standard deduction or if certain conditions prevent using the standard deduction.