It’s super ez! Virginia’s just ramped up it’s Standard Deduction.
This year, Virginia residents are in luck. Filers can save a lot more money because the standard deduction amount for the State of Virginia has almost DOUBLED. And, as you may already know, one of the ez-est ways to trim your tax bill is to claim the standard deduction.
Here are some helpful hints to guide you:
Why choose standard deduction vs. itemized deduction?
When you prepare your taxes, you have the option of taking a standard deduction or to itemize your expenses.
At ezTaxReturn, we’ll crunch the numbers and compare both the options – the standard deduction and the itemized deduction, so you will get to choose the one that saves you the most money.
The standard deduction is simply a set amount you can subtract from your taxable income. Itemizing on the other hand, may make more sense for your situation, if you have a larger amount of deductible expenses.
It’s also important to note that if you itemize on your federal return, you must also itemize on your Virginia state return.
What is the new deduction?
For tax year 2022, the Virginia standard deduction is:
- For single filers is now $8,000, up from $4,500.
- The standard deduction amount has increased from $9,000 to $16,000 for married couples filing a joint return.
What other tax savings options are new for Virginia?
- Virginia residents may be able to claim a “Refundable Virginia Earned Income Tax Credit” equal to 15% of their federal EITC (Earned Income Tax Credit)
- There is a new subtraction for military income. Taxpayers aged 55 or older can subtract up to $10,000 of military benefits for 2022.
- Eligible educators can deduct up to $500 for professional development courses and purchasing supplies, materials, and equipment to be used in the classroom.
Act now while the program exists! ezTaxReturn will guide you every step of the way to maximize your tax savings!
