The value of each personal and dependency exemption, available to most taxpayers, will be $3,400, up $100 from 2006.
The new standard deduction will be $10,700 for married couples filing a joint return (up $400), $5,350 for singles and married individuals filing separately (up $200) and $7,850 for heads of household (up $300). Nearly two out of three taxpayers take the standard deduction, rather than itemizing deductions, such as mortgage interest, charitable contributions and state and local taxes.
This entry was posted by David on November 15, 2006 at 12:22 pm, and is filed under Tax. Follow any responses to this post through RSS 2.0.Responses are currently closed, but you can trackback from your own site.