2011 Tax Benefits
A change in U.S. federal tax laws, could put change in the pockets of taxpayers. The recently passed law that included unemployment and job creation measures also increased some tax benefits. These changes are in effect for the 2011 tax year. The personal and dependent exemption is up $50 dollars from 2010, which puts the benefit at $3,700. The new standard deduction for married couples filing jointly is at $11,600, up $200 from 2010. For singles and married couples filing separately, the new standard deduction will be $5,800, up $100. The Earned Income Tax Credit for low and moderate income workers and working families increased to $5,751. The tax bracket dollar amounts have also been adjusted. For more information visit www.irs.gov.