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Old 11-30-2007, 04:54 PM
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2007 Tax Changes to Individual Tax Returns

Here are some of the 2007 Tax Law changes applicable to individual tax returns.

1. Personal Exemption:
This has been increased from $3,300 in 2006 to $3,400 in 2007.

2. Standard deduction:
Single Filing status: Increased from $5,150 in 2006 to $5,350 in 2007.
Married Filing Jointly: Increased from $10,300 in 2006 to $10,700 in 2007.
Qualified Widower: Increased from $10,300 in 2006 to $10,700 in 2007.
Head of Household Status: Increased from $7,750 in 2006 to $7,850 in 2007.

3. Additional Deduction for the Elderly or the Blind:
Single: Increased from $1,250 in 2006 to $1,300 in 2007.
Married (each): Increased from $1,000 in 2006 to $1,050 in 2007.

4. The Child care tax credit of $1,000 remains unchanged from 2006

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