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For single taxpayers and married individuals filing separately, the standard deduction will increase to $12,950 — up $400. The deduction for heads of household will rise to $19,400, a $600 increase.
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.
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).
Many states allow a standard deduction or some form of itemized deductions. ... Arkansas, individual and corporate, from 1929; ... 2022, the top personal income tax ...
For single taxpayers and married individuals filing separately, the standard deduction will increase to $12,950 — up $400. The deduction for heads of household will rise to $19,400, a $600 increase.
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 ...
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related to: 2022 arkansas standard deductionTaxAct is user-friendly, and very affordable - Doughroller