The tax season starts January 14th, 2011. I will begin answering questions that clients ask me via the blog. Question #1 is what is the Standard Deduction?
The Standard Deduction for 2010 for each filing status:
Single $5,700
Head of Household $8,400
Married, Filing Jointly $11,400
Married, Filing Separately $5,700
Qualifying Widow(er) $11,400
If your filing status is Married Filing Separately, you and your spouse will both need to either itemize your deductions or take the standard deduction.
Tami Highbaugh-Abdullah
Highbaugh Tax
317.345.4182
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