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<blockquote data-quote="AnnieO" data-source="post: 347556" data-attributes="member: 6705"><p>Not an expert... by any stretch... but I've been doing my own taxes including 2 small businesses for years. Since I started working.</p><p> </p><p>SO... in a nutshell... if your itemizations are larger than the standard deduction, then itemize - however - they need to be SUBSTANTIALLY more than the standard to actually save you money.</p><p> </p><p>As for dependents... they have to meet qualifications.</p><p> </p><p>Me? I'm itemizing, but no dependents - married filing separate due to husband's business mess.</p><p> </p><p>FROM: <a href="http://taxes.about.com/od/2009taxes/qt/quicktaxfacts09.htm" target="_blank">http://taxes.about.com/od/2009taxes/qt/quicktaxfacts09.htm</a></p><p>Standard Deductions</p><p>Single: <strong>$5,700</strong> </p><p>Head of Household: <strong>$8,350</strong> </p><p>Married Filing Joint: <strong>$11,400</strong> </p><p>Married Filing Separately: <strong>$5,700</strong> </p><p>Qualifying Widow/Widower: <strong>$11,400</strong> </p><p>Dependent: <strong>$950-$5,700</strong>* </p><p>Additional Amount if Blind: <strong>$1,100</strong> (for married filing joint, married filing separately, or qualifying widow); <strong>$1,400</strong> (for single and head of household) </p><p>Additional Amount if age 65 or older: <strong>$1,100</strong> (for married filing joint, married filing separately, or qualifying widow); <strong>$1,400</strong> (for single and head of household). </p><p>More information about the <a href="http://taxes.about.com/od/deductionscredits/qt/standard.htm" target="_blank">standard deduction</a>. </p><p>* Dependents must calculate their standard deduction using an IRS Worksheet. </p><p><strong>Personal Exemptions</strong></p><p></p><p>Per taxpayer and dependent: <strong>$3,650</strong> </p><p>More information about <a href="http://taxes.about.com/od/preparingyourtaxes/a/personal_exempt.htm" target="_blank">personal exemptions</a>. </p><p><strong>Phaseout of Personal Exemptions</strong></p><p></p><p>The amount you can claim for personal exemptions starts to be reduced (or "phased out") once you reach certain income thresholds. If your income is within these ranges, your personal exemptions will be reduced. If your income exceeds the amounts listed below, your personal exemption is $2,433. </p><p>Single: <strong>$166,800 - $289,300</strong> </p><p>Head of Household: <strong>$208,500 - $331,000</strong> </p><p>Married Filing Joint: <strong>$250,200 - $372,700</strong> </p><p>Married Filing Separately: <strong>$125,100 - $186,350</strong> </p><p>Qualifying Widow/Widower: <strong>$250,200 - $372,700</strong> </p><p>More information about the <a href="http://taxes.about.com/od/preparingyourtaxes/a/personal_exempt.htm" target="_blank">personal exemptions</a>.</p></blockquote><p></p>
[QUOTE="AnnieO, post: 347556, member: 6705"] Not an expert... by any stretch... but I've been doing my own taxes including 2 small businesses for years. Since I started working. SO... in a nutshell... if your itemizations are larger than the standard deduction, then itemize - however - they need to be SUBSTANTIALLY more than the standard to actually save you money. As for dependents... they have to meet qualifications. Me? I'm itemizing, but no dependents - married filing separate due to husband's business mess. FROM: [URL]http://taxes.about.com/od/2009taxes/qt/quicktaxfacts09.htm[/URL] Standard Deductions Single: [B]$5,700[/B] Head of Household: [B]$8,350[/B] Married Filing Joint: [B]$11,400[/B] Married Filing Separately: [B]$5,700[/B] Qualifying Widow/Widower: [B]$11,400[/B] Dependent: [B]$950-$5,700[/B]* Additional Amount if Blind: [B]$1,100[/B] (for married filing joint, married filing separately, or qualifying widow); [B]$1,400[/B] (for single and head of household) Additional Amount if age 65 or older: [B]$1,100[/B] (for married filing joint, married filing separately, or qualifying widow); [B]$1,400[/B] (for single and head of household). More information about the [URL="http://taxes.about.com/od/deductionscredits/qt/standard.htm"]standard deduction[/URL]. * Dependents must calculate their standard deduction using an IRS Worksheet. [B]Personal Exemptions[/B] Per taxpayer and dependent: [B]$3,650[/B] More information about [URL="http://taxes.about.com/od/preparingyourtaxes/a/personal_exempt.htm"]personal exemptions[/URL]. [B]Phaseout of Personal Exemptions[/B] The amount you can claim for personal exemptions starts to be reduced (or "phased out") once you reach certain income thresholds. If your income is within these ranges, your personal exemptions will be reduced. If your income exceeds the amounts listed below, your personal exemption is $2,433. Single: [B]$166,800 - $289,300[/B] Head of Household: [B]$208,500 - $331,000[/B] Married Filing Joint: [B]$250,200 - $372,700[/B] Married Filing Separately: [B]$125,100 - $186,350[/B] Qualifying Widow/Widower: [B]$250,200 - $372,700[/B] More information about the [URL="http://taxes.about.com/od/preparingyourtaxes/a/personal_exempt.htm"]personal exemptions[/URL]. [/QUOTE]
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