Standard Deduction for 2012

NOTE This information is out of date. See a listing of recent tax-related articles for more current information about taxes and their fundraising implications.

The 2012 standard deduction will increase for all taxpayers. The standard deduction amounts for 2012 will be $5,950, for single taxpayers; $8,700, for heads of households; $11,900, for married taxpayers filing jointly and surviving spouses; and $5,950, for married taxpayers filing separately. The standard deduction for dependents holds at $950 (or earned income plus $300).