With the 2010 tax filing deadline behind us, it's time to plan for 2011.
The standard and itemized deductions for 2011 are as follows:
Standard Deduction for 2011:
- $5,800 for unmarried taxpayers or married taxpayers filing separately
- $11,600 for married taxpayers filing jointly
- $8,500 for taxpayers filing as head of household
Personal Exemption for 2011:
The personal exemption amount is $3,700 (up from $3,650 in 2010).
Remember that there's a temporary repeal of the standard deduction and personal exemption income limit phaseout until 2012. This means that all taxpayers will receive the full deduction and exemption amounts. Give us a call if you have questions about this.