Check Out Exemptions and Deductions for 2011

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.