Tax Filing Season is upon us yet again. Most employees have already received their W-2s, the rest should get theirs before January 31st. As soon as you get your W-2, it's time to file your taxes.
This week, from January 18-22, I'm going to go over all the important Tax Forms and documents needed to file your Taxes. Today is part four, Basic Standard Deductions for 2009.
Basic Standard Deductions for for 2009
A little known fact is that most taxpayers will qualify for a no-questions-asked write-off that will reduce their taxable income. This will vary depending on your filing status. Here's the Basic Standard Deduction amounts for 2009:
$5,700 if you're Filing Single
$11,400 if you're Filing a Joint Return
$5,700 if you're Married Filing Separately
$8,350 if you file as Head of Household
Final Tip: Different rules will apply to dependents. Don't forget to claim your No-Questions-Asked tax write-off when you file this year.