Standard Deduction 2011

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Standard Deduction 2011 is available to you when you file your 2011 taxes. For some that don't know, this is the income you can deduct based upon filing status (non-itemize). This is an option that is available to you instead of itemizing your taxes. This is not optional to all tax payers and it truly does vary depending on the tax payer and preparer. The standard deduction 2011 amount will depends on how you file, how old you are, if you have disabilities, and if you can be claimed by another taxpayer. Also, to take benefit of this you must not be a nonresident alien of the United States.(As of 2010)Married, filing jointly: $11,400Single: $5,700

Married, filing separately: $5,700Head of household: $8,400Blind or over the age of 65: add $1,100 if married, $1,400 if single or head of household.The finest possible way to know if standard deduction 2011 is the top choice for you is to actually see the difference in numbers and your return (or the lesser amount that you will pay). If your tax preparer can compare the difference (which he/she should!) than you can make an educated decision. If you people file separately from your spouse and he/she itemizes, you may not be capable to use the standard deduction 2011 option.Itemized Deductions/Personal exemptions have been updated for 2010 which a taxpayer above a certain amount won't lose part of the deduction for personal exemptions/itemized deductions. Congress may however reinstate so keep an eye on IRS.gov for any changes. For 2010, personal exemptions are $3,650 and the kiddie tax exemption is $1,900.If you people see the genuine comparison between Itemized Deductions 2011 and Standard deductions 2011, you can save a lot of money on your taxes so always try to take benefit of it.