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The PTE tax is computed at a flat 5% rate, but in 2022 the state reduced the individual income tax rate by eliminating the 4% tax bracket and enacting scheduled reductions of the top 5% rate to 4% by 2026.

Misdemeanor charges must typically be filed within two years. However, serious felonies like murder and certain sexual assault cases have no statute of limitations, meaning charges can be filed at any time. In Mississippi, the statute of limitations for civil cases typically ranges from one to seven years.

Under California Revenue and Taxation Code Section 19255, the statute of limitations to collect unpaid state tax debts is 20 years from the assessment date, but there are situations that may extend the period or allow debts to remain due and payable. The stakes are particularly high in criminal tax prosecution cases.

The method elected by the taxpayer is irrevocable unless the Commissioner of Revenue specifically allows a change in the method. (d) For tax years beginning after December 31, 2022, Mississippi shall conform to the full expensing provisions of IRC Section 179.

The standard deduction amounts for 2024 have increased to $14,600 for single filers, $29,200 for joint filers and $21,900 for heads of household. People 65 or older may be eligible for a higher amount. The 2024 standard deduction is taken on tax returns filed in 2025.

Income Tax Brackets The standard deduction in Mississippi is $2,300 for single filers and married individuals filing separately, $4,600 for married individuals filing jointly and $3,400 for heads of household. If itemized deductions are less than the standard deduction, taxpayers receive the standard deduction.

FILING REQUIREMENTS Single resident taxpayers – you have gross income in excess of $8,300 plus $1,500 for each dependent. Married resident taxpayers – you and your spouse have gross income in excess of $16,600 plus $1,500 for each dependent.

A composite return is a return in which a partnership pays the income tax due for some, or all, of its partners. The only partners who are eligible to be included in the composite return are nonresident partners without any activity in Mississippi other than that from the partnership.

Mississippi Tax Rates, Collections, and Burdens Mississippi has a flat 4.70 percent individual income tax rate. Mississippi has a graduated corporate income tax, with rates ranging from 4.0 percent to 5.0 percent.