IRS announces Standard Deductions will increase in 2009 due to Inflation Adjustment!
The IRS has just announced today the new increased standard deductions for the tax year 2009 and these are as follows;
1. Married Filing Couples
$11,400 for married couples filing a joint return (an increase of $500 from 2008).
2. Singles and Married Filing Separately
$5,700 for singles and married individuals filing separately (an increase of of $250 from 2008).
3. Heads of Household
$8,350 for heads of household (an increase of $350 from 2008).
This adjustment is primarily due to the inflation adjustments.