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About deductions

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Updated: 1/10/2008 11:29 am
All taxpayers qualify for deductions in one form or another, either standard deductions or itemized deductions. Before deciding which one to use, figure out your taxes both ways. For the 2007 tax year, the standard deduction is $5,150 for single or married persons filing separately and $10,300 for married couples filing jointly. The deduction is more for those who are 65 and over or blind. For heads of household, the deduction is $7,550. Lower standard deductions are allowed for dependents that only have investment income. Other popular itemized deductions include mortgage interest, property taxes, medical costs, charitable donations, casualty losses, and miscellaneous deductions for job costs and investment expenses. Depending on your situation, itemizing deductions may or may not save you money. As well, some itemized deductions may be limited if your adjusted gross income exceeds $150,500. It's $75,250 if you are married and filing separately. These notes are meant to be a general guide to federal income taxes. If you need specific advice, please consult a tax advisor or call the toll-free number for Federal Tax Information and Assistance at 1-800-829-1040.
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