What is the standard deduction for a single filer for the tax year 2023?

For the tax year 2023, the standard deduction for a single filer is set at $13,850. This deduction reduces the amount of income that is subject to taxation, thereby lessening the overall tax burden for individuals. The standard deduction is a fixed dollar amount that taxpayers can claim on their tax returns, and it varies depending on the taxpayer's filing status, age, and other factors.

The increase from the previous year's amount reflects adjustments made to account for inflation, which is a routine update that the IRS implements. Understanding the standard deduction is crucial for tax planning and preparing accurate tax returns, as it directly influences taxable income and the overall tax liability. Thus, selecting $13,850 as the standard deduction aligns with the IRS guidelines for the 2023 tax year.