New Standard Deduction Killer Information And Professional Advice
New Standard Deduction Changes
Beginning with 2009, the amount of income tax you pay on your tax return may be lower. The new standard deduction (the amount that reduces your income tax) is $11,400 for married taxpayers who file jointly (up by $500 from 2008).For singles and married individuals who file separately, the new standard deduction is $5,700 (up to $250 from 2008). For heads of household is $8,350 in 2009, $350 more than the amount of the standard deduction allowed in 2008.In Addition To Your New Standard Deduction, You May Be Eligible For A Property Tax DeductionIf you are married and file a joint return, you may be able to deduct up to $1,000 of property taxes you paid. For singles, the amount of real estate tax deductible is limited to $500.