As people sit down to do their taxes this year, they'll find that the standard deduction has been adjusted higher for inflation, to $11,900 for married couples filing jointly, $8,700 for heads of households and $5,950 for single taxpayers.
January 22, 2013 at 12:00 AM
1 minute read
Taxpayers preparing to file their 2012 returns can breathe a collective sigh of relief.
The alternative minimum tax or AMT has been patched — permanently — and several tax credits and deductions that technically expired at the end of 2011 were extended as part of the fiscal cliff legislation that Congress passed and President Barack Obama signed into law in January.
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