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What is the Standard Deduction for Federal Taxes?

Standard Deductions

 

The standard deduction is a dollar amount, adjusted annually for inflation, that reduces taxable income. Generally, you cannot take the standard deduction if you claim itemized deductions. Hence, in preparing your taxes, compare the applicable standard deduction to your itemized deductions, and choose the one with the higher dollar figure. Also, note that itemized deductions may increase your chances of audit. Where your itemized deduction is only marginally larger than the standard deduction, choose the latter. Where your itemized deduction is significantly larger than the standard deduction, consult a tax professional to assess risk. The tables below detail the 2009 through 2011 standard deductions.1

 

To find more practical tax strategies and deductions, we suggest that you read the monthly articles published online at the Bradford Tax Institute. We provide cutting-edge tax information for the self-employed, the one owner business, and the husband and wife owned business.

 

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2011

Filing Status

Standard Deduction

Unmarried Individuals

$5,800

Married Individuals Filing Separate Returns

$5,800

Heads of Households

$8,500

Married Individuals Filing Joint Returns & Surviving Spouses

$11,600

 

Dependents

 

Cannot exceed > of $950 or the sum of $300 and the individual’s earned income

 

 

2010

Filing Status

Standard Deduction

Unmarried Individuals

$5,700

Married Individuals Filing Separate Returns

$5,700

Heads of Households

$8,400

Married Individuals Filing Joint Returns & Surviving Spouses

$11,400

 

Dependents

$950-$5,700 (calculate using IRS worksheet)

 

 

2009

Filing Status

Standard Deduction

Unmarried Individuals

$5,700

Married Individuals Filing Separate Returns

$5,700

Heads of Households

$8,350

Married Individuals Filing Joint Returns & Surviving Spouses

$11,400

 

Dependents

$950-$5,700 (calculate using IRS worksheet)

 


 

1    Rev. Proc. 2008-66; Rev. Proc. 2009-50, Notice 2010-88.