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The Standard Tax Deduction Rises in 2022 All taxpayers are eligible to take the standard tax deduction unless they elect to itemize their deductions. Single Filers: The maximum deduction is reduced at $68,000 in 2022 (up from $66,000 in 2021) and is entirely phased out at $78,000 or more (up from $76,000).
One company exempt from this rule is Zelle because it facilitates messaging between financial institutions and doesn't put holds on accounts or handle the settlement of funds; therefore, they are not required to send out 1099-K's. This new law will apply to 2022 and beyond.
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