Form Publication 501 for Lewisville Texas 2024-2025

Form Publication 501 for Lewisville Texas: What You Should Know

Publication 516 defines standard deduction, exemptions and tax credits. The book also provides examples of commonly-used tax breaks. The standard deduction (as opposed to the personal exemption) is a deduction given to all taxpayers to reduce their federal income tax liability. In general, taxpayers are limited to taking a standard deduction in their first income tax return, after which, the standard deduction can be increased. This reduces the taxable income and potentially saves tax-free income. The standard deduction for each taxpayer is generally determined by the taxpayer's filing status (married or unmarried, taxable or tax-exempt). The amount of the standard deduction is based on your filing status, number of dependents, and total adjusted gross income. In 2018, a married couple filing their first combined tax return would have a standard deduction of 5,350, or 6,250 for a single filer. (This also means that a married couple filing as head of household would get an extra 1,900.) In 2017, the standard deduction for married couples filing jointly was 12,700, or 13,400 for a single filer. (This also means that a married couple filing as head of household would get an extra 1,350.) To claim the standard deduction on your tax return, you (the dependent) must have reported the dependent on your return by itemizing deductions on Schedule A, or on Schedule C if the dependent is a qualifying child, or on line 3 if they are self-employed. As of 2018, the standard deduction will be 6,700 for a married couple filing jointly, 12,800 for a single filer filing separately, and 24,400 for a married couple filing separately, plus any extra earned income tax credit (ETC), credit for the qualified expenses of students and members of the Armed Forces, or earned income tax credit for heads of household. This amount grows over the next five years. If you itemize your deductions, you can take any amount of the standard deduction. If you do not itemize, the standard deduction for you, the qualifying child, and your spouse is 14,600, for a gross income of 40,000. The standard deduction is not available if you're eligible to claim one of these tax benefits: the student tax credit, the tuition credit, the interest credit, or the American Opportunity tax credit.

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