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by CareyBot

Every year the Internal Revenue Service adjusts for inflation tax brackets, tables, exemptions, thresholds and other items. In recent years these annual adjustments have been minimal because inflation has been very low. This pattern holds true for 2012. Here are the major adjustments for 2012: The value of each personal and dependent exemption, available to most taxpayers, is $3,800, up $100 from 2011. The new standard deduction is $11,900 for married couples filing a joint return, up $300; $5,950 for singles and married individuals filing separately, up $150; and $8,700 for heads of household, up $200. Nearly two out of three taxpayers take the standard deduction rather than itemizing deductions, such as mortgage interest, charitable contributions, and state and local taxes. Tax...