2011 Standard Deduction And Tax Exemptions Increase

In 2011, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation. These inflation adjustments relate to eight tax provisions that were either modified or extended by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that became law on Dec. 17. New dollar amounts affecting 2011 returns, filed by most taxpayers in early 2012, include the following: • The value of each personal and dependent exemption, available to most taxpayers, is $3,700, up $50 from 2010. read...

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