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The standard deduction is distinct from the personal exemption, ... 2016 [14] $6,300 $12,600 $9,300 ... Married couple, ages 78 and 80, one of whom is blind ...
The personal exemption amount in 1894 was $4,000 ($109,277 in 2016 dollars). The income tax enacted in 1894 was declared unconstitutional in 1895. The income tax law in its modern form—which began in the year 1913—included a provision for a personal exemption amount of $3,000 ($71,764 in 2016 dollars), or $4,000 for married couples.
Standard deduction: Individuals get a deduction from taxable income for certain personal expenses. An individual may claim a standard deduction . For 2021, the basic standard deduction was $12,550 for single individuals or married persons filing separately, $25,100 for a joint return or surviving spouse, and $18,800 for a head of household.
Even if you know that your taxes could go up after you get married, you might be surprised to learn just how many parts of the tax code favor single filers. 10 ways your taxes could go up if you ...
A joint return is often the smartest move for married couples, but there are a few scenarios where it makes sense to file on your own. 3 reasons married couples should consider filing taxes separately
Splitting your taxes up may disqualify you from claiming certain credits or deductions but it can also sometimes minimize the amount of tax you'll owe overall. RELATED: Important tax dates to know. 2.
The Revenue Act of 1964 restricted the SALT deduction to state and local taxes on real property, personal property, income, general sales, and gasoline and other motor fuels. [17] Amid the 1970s energy crisis , Congress passed the Revenue Act of 1978 , which eliminated the deduction for state and local taxes on gasoline and motor vehicle fuel.
For those 65 or older or blind, the additional standard deduction for married taxpayers or qualified widows(ers) is $1,400, an increase of $50. This applies to tax returns filed in 2023.
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