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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.
This year, they can choose the standard deduction or take 25% of the maximum amount of the allowable deduction for those born in 1945 or before ($15,380 single or $30,759 for a married couple ...
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).
Tax credits and deductions were already confusing many of us before all of this year's substantial changes. Good Question: What Is the Standard Deduction for People Over 65 in 2023? FICO Fix: 3...
Here are the standard deductions for the 2022 and 2023 tax years: Single: $12,950 for 2022, $13,850 for 2023. Married, filing jointly: $25,900 for 2022, $27,700 for 2023.
The IRS gives taxpayers two options to lower taxable income: itemize deductions or take the standard deduction. The standard deduction for married taxpayers filing jointly is $25,900, up from $800...
When former President Donald Trump overhauled the U.S. tax code in Dec. 2017, new income brackets and standard deduction amounts came into effect that changed how much Americans pay in taxes -- and...