Search results
Results from the WOW.Com Content Network
The filing deadline for most 2023 federal and state of Michigan income tax returns is April 15, 2024. Many taxpayers do not itemize deductions because the standard deduction is now fairly high.
Harnois read the stories in the newspaper nearly a year ago when Gov. Gretchen Whitmer signed legislation on March 7, 2023, to give the state's ... Michigan standard deduction is reduced by other ...
The standard deduction amounts for 2023 are $27,700 if you’re married filing jointly (an increase of $1,800 from 2022), $20,800 for heads of households (a $1,400 gain) and $13,850 for single ...
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).
The standard deduction is rising 6.9% or 7.2%, depending on filing status, while the Earned Income Tax Credit amount will increase by 7.1%, the Internal Revenue Service announced this week ...
The standard deduction for those over age 65 in 2023 (filing tax year 2022) is $14,700 for singles, $27,300 for married filing jointly if only one partner is over 65 (or $28,700 if both are), and ...
May 7 – Tornado outbreak of May 6–10, 2024: A FedEx warehouse in Portage, is destroyed by a tornado. [5] May 27 – A teenager is killed and six other people are injured in a shooting in downtown Lansing. [6] May 30 – The third human case of H5N1 bird flu in the United States is found in a dairy worker in Michigan. [7]
Almost 90% of taxpayers take the standard deduction now, according to estimates from the Urban-Brookings Tax Policy Center. Here’s what you need to know about both strategies.