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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).
Since 1 January 2019, Arkansas' state sales tax on unprepared food (groceries) was reduced to 0.125% (penny per $8) from 1.5%. Sales taxes on groceries had previously been reduced to 1.5% from 2% on July 1, 2011, to 2% from 3% on July 1, 2009, and to 3% from 6% on July 1, 2007. Local sales taxes on groceries remained unchanged.
As soon as your child is born, you’re eligible for the Child Tax Credit, which pays up to $3,600 for every child under the age of 17, depending on your income.
If all itemized deductions are added up and it is less than the standard deduction, the standard deduction is taken. In 2007 this was $5,350 for those filing individually and $10,700 for married filing jointly. Personal exemption is a tax exemption in which the taxpayer may deduct an amount from their gross income for each dependent they claim ...
The federal government also grants a blanket standard deduction that is available to nearly all taxpayers, even if they don’t incur specific expenses that would qualify as itemized deductions.
The IRS just announced next year’s standard deduction, and it could help cut your tax bill.
The child tax credit under the Tax Cuts and Jobs Act of 2017. Top plateau would be higher for more children. Under the Tax Cuts and Jobs Act of 2017 (TCJA), for the years 2018–2025 (excluding 2021, see below section Temporary Expansion in 2021) the CTC allows taxpayers to reduce their federal tax liabilities by $2,000 per qualifying child (see Eligibility).
For the vast majority of tax filers, the standard deduction is the way to go. ... add up to more than the current standard deduction of $13,850 for a single filer and $27,700 for a married couple ...