Standard Deduction Amounts 2009

According to statistics published by the IRS, around two out of every three taxpayers claim the standard deduction on their income tax returns.  The good news for all of those taxpayers taking the standard deduction is that all of the deductions are higher in 2009.  The exact amount depends on your filing status, whether you're 65 or older, blind, or if an exemption can be claimed for you by another taxpayer.  With that in mind, the standard deduction amounts for 2009 include:

• Single - $5,700 
• Married filing separately - $5,700
• Head of household - $8,350 
• Married taxpayers filing jointly / qualifying widow(er)s  - $11,400 
• Married taxpayers filing separately - $5,700
• Add up to $1,000 for amount paid in home real estate property taxes 

Exemption Value in 2009

The amount you can deduct for each exemption you can claim on your federal income taxes has increased again in 2009 to $3650.00

Beginning on Jan. 1, 2009, the standard MILEAGE RATES for the use of a car (also vans, pickups or panel trucks) will be:

• 55 cents per mile for business miles driven

• 24 cents per mile driven for medical or moving purposes

• 14 cents per mile driven in service of charitable organizations

The Making Work Pay Tax Credit is a new credit worth up to $400 for individuals and $800 for married couples that was established by the American Recovery and Reinvestment Act of 2009.  Very simply, for most people if you have EARNED income reported on a W2 or self employment on a 1099, you would qualify.  Pensions, unemployment, and Social Security income would not generally qualify you. 

The 2007 value of $3,400 has increased to $3,500 in 2008.  That's an increase of $100 in each of the last two years.

Standard Deduction Amounts

According to statistics published by the IRS, around two out of every three taxpayers claim the standard deduction on their income tax returns.  The good news for all of those taxpayers taking the standard deduction is that all of the deductions are higher in 2008.  The exact amount depends on your filing status, whether you're 65 or older, blind, or if an exemption can be claimed for you by another taxpayer.  With that in mind, the standard deduction amounts for 2008 include:

• Single - $5,450 
• Married filing separately - $5,450
• Head of household - $8,000 
• Married taxpayers filing jointly / qualifying widow(er)s  - $10,900 
• Married taxpayers filing separately - $5,450
• Add up to $1,000 for amount paid in home real estate property taxes 

Exemption Value in 2008

The amount you can deduct for each exemption you can claim on your federal income taxes has increased again in 2008.  The 2007 value of $3,400 has increased to $3,500 in 2008.  That's an increase of $100 in each of the last two years.

Rates 2008

Home Buyers  FIRST TIME HOME BUYERS CREDIT

Temporary waiver of required minimum distributions (RMDs) for 2009 

DEFERRED INCOME LIMITS