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April 23, 2024 at 02:16 PM
For the 2023 tax year, American taxpayers were able to reduce their federal income tax liability by taking a standard deduction of $13,850 for individuals and $27,700 for joint filers.
Some taxpayers, however, chose to reduce their taxes through deductions and credits. Common deductions include qualified mortgage interest payments, student loan interest, property taxes and other expenses.
SmartAsset recently reported findings of a study of where Americans write off the most in federal income taxes. Researchers used the most recently available Internal Revenue Service tax data from 2021 to rank states by the size of itemized deductions averaged across taxpayers.
They compared total income taxes paid with the total adjusted gross income for each of the 50 states, as well as the percentage of returns on which taxpayers elected to itemize their deductions.
See the accompanying gallery for the 10 states where Americans write off the most in federal income taxes, according to SmartAsset.
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