2023/2024 Quick Tax Reference Guide

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Standard Mileage Rates

Source: Notice 2024-08; Notice 2023-03; Code Section 217(k)

Heads of Households

Source: Code Section 1(j); Rev. Proc. 2022-38 — 2024 Source: Code Section 1(j); Rev. Proc. 2023-34

Unmarried Individuals (Other than Qualifying Surviving Spouses and Heads of Households)

Source: Code Section 1(j); Rev. Proc. 2022-38 — 2024 Source: Code Section 1(j); Rev. Proc. 2023-34

Married Individuals Filing Separate Returns

Source: Code Section 1(j); Rev. Proc. 2022-38 — 2024 Source: Code Section 1(j); Rev. Proc. 2023-34

Alternative Minimum Tax

Source: Rev. Proc. 2022-38; Rev. Proc. 2023-34

Personal Exemption

Source: Code Section 151(d); Rev. Proc. 2023-34; Rev. Proc. 2022-38

Deduction For Qualified Business Income From Pass-Through Entity

Source: Code Section 199A

Subject to certain limitations, for tax years 2018 through 2025, individuals, estates, and trusts may deduct up to 20% of qualified business income they receive from sole proprietorships and pass-through entities (such as partnerships, limited liability corporations, and S corporations) in which they own an interest. The remaining income (after the 20% deduction) is taxed at the individual’s, estate’s, or trust’s regular income tax rate.

Long-Term Capital Gains and Qualified Dividends

2024: Source: Code Section 1(h), 1(j)(5); Rev. Proc. 2023-34 — 2023: Source: Code Section 1(h), 1(j)(5); Rev. Proc. 2022-38

Applicable Exclusion Amount for Estate and Gift Tax

Source: Code Section 2010(c)(3); Rev. Proc. 2023-34; Rev. Proc. 2022-38

Gift Tax Annual Exclusion

Source: Rev. Proc. 2023-34; Rev. Proc. 2022-38