Due to adjustments for the cost of living, the amounts for the standard deductions and exemptions increased in 2011 and 2012:
Standard Deductions and Exemptions
2010
2011
2012
Standard Deduction
Married filing jointly
$11,400
$11,600
$11,900
Single
$5,700
$5,800
$5,950
Head of household
$8,400
$8,500
$8,700
Married filing separately
$5,700
$5,800
$5,950
Personal Exemption
$3,650
$3,700
$3,800
Dependency Exemption
$3,650
$3,700
$3,800
To ensure compliance with Treasury Circular 230, we are required to inform you that any advice concerning U.S. federal tax issues contained on this website is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code and was not written to support the promotion or marketing of any transaction or matter discussed herein. Application of tax regulations is specific to the individual or business and we recommend that you consult a qualified Komisar Brady tax professional for how the above information may apply to you.
