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Showing posts from November, 2011

In 2012, Many Tax Benefits Increase

Thomson Franklin circulated the below newsletter to their subscribers.  Please continue reading for very helpful information as you begin thinking about taxes!
“For tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation. Please read further to see which inflationary measures may affect your return next year:
By law, the dollar amounts for a variety of tax provisions, affecting virtually every taxpayer, must be revised each year to keep pace with inflation. New dollar amounts affecting 2012 returns, filed by most taxpayers in early 2013, include the following:
The value of each personal and dependent exemption, available to most taxpayers, is $3,800, up $100 from 2011.The new standard deduction is $11,900 for married couples filing a joint return, up $300, $5,950 for singles and married individuals filing separately, up $150, and $8,700 for heads of household, up $200. Nearly two out of three taxpayers take the standard deduction,…