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For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).
Because the Tax Cuts and Jobs Act of 2017 increased the standard deduction to a level where far fewer taxpayers itemized their expenses (which is where they deduct mortgage interest), the cost to the federal government of the mortgage interest deduction was decreased by 60%, from approximately $60 billion in 2017 to $25 billion in 2018. [44] [45]
If the amount of your standard deduction is greater than the sum of your itemized deductions, then you should most likely claim the standard deduction to minimize your tax bill. The standard ...
On 22 December 2017, President Trump signed the Tax Cuts and Jobs Act, which reduced the corporate tax rate from 35% to 20%. [26] Other changes included income tax rate cuts, doubling of the standard deduction, capping the state and local tax deduction and eliminating personal exemptions. [27]
Learn about the top tax write-offs for 2016, from student loan deductions to gambling deductions -- and even safety deposit box rentals.
Because of itemized deduction caps and the standard deduction increase, the standard deduction gives almost 90% of tax filers the biggest tax break. TurboTax makes deciding easy.
The federal tax filing deadline for individuals has been extended to May 17, 2021. Quarterly estimated tax payments are still due on April 15, 2021. For additional questions and the latest ...
The origin of the current rate schedules is the Internal Revenue Code of 1986 (IRC), [2] [3] which is separately published as Title 26 of the United States Code. [4] With that law, the U.S. Congress created four types of rate tables, all of which are based on a taxpayer's filing status (e.g., "married individuals filing joint returns," "heads of households").
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