Just a follow up to the 2007 tax brackets I posted earlier, I wanted to give everyone the heads up for what the standard deduction will be for this year according to IRS.gov.
Everyone gets the standard deduction, which in 2007 is $5,350 for singles, and $10,700 for married folks. Only the amount that your itemized deductions (such as mortgage interest, student loan interest, donations, etc) exceed this amount actually saves you money on taxes.
Sunday, August 26, 2007
Additional Tax Info for 2007
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