May 16, 2008, Newsletter Issue #116: About Filing Status and Deductions

Tip of the Week

Filing status has everything to do with claiming federal tax deductions, whether you choose to take the standard deduction or itemize your personal tax deductions for your filing status. For example, if your filing status is single, your 2005 standard federal tax deduction is $5,000. Whereas, if your filing status is head of household, your 2005 standard federal tax deduction is $7,300. For more information on filing status and its impact on your deductions, read IRS Publication 17, Your Federal Income Tax, available at the IRS Web site.

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