2005 Standard Deductions for Married Couples

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Tax Deductions and other Taxes topics.

What is the standard deduction for married couples?

2005 Standard Deductions for Married Couples

Until 2003, married couples were actually penalized if they filed jointly. Known as the “marriage penalty,” married couples actually ended up paying higher taxes than if they filed as singles. Some incentive to get married, huh? The marriage penalty exclusion has been extended until 2010. For tax year 2005, the standard deduction if filing married-joint is $10,000. If you file married-single, your standard deduction is $5,000. Before you decide to claim the standard deduction, however, familiarize yourself with what expenses you may have that qualify as personal tax deductions. Generally speaking, if your itemized federal tax deductions exceed the standard deduction, you'll benefit from a tax cut—and that's money in your pocket.

   

Comments

Nobody has commented on this tip yet. Be the first.



Name:


URL: (optional)


Comment:


Not finding the advice and tips you need on this Taxes Tip Site? Request a Tip Now!


Guru Spotlight
Byron White