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Standard Deduction Increase: New Law Raises Married Filing Jointly Deduction to Thirty-One Thousand Five Hundred Dollars

The recent passage of new tax legislation has increased the standard deduction for married couples filing jointly, elevating it to $31,500. This adjustment, part of broader efforts to simplify tax filing and provide relief to taxpayers, marks a significant shift from previous years. The change impacts millions of households nationwide, potentially reducing taxable income and...

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