Personal, estate tax exemptions increase for 2012

By Dave Segal

POSTED: 01:30 a.m. HST, Dec 16, 2012

~~<p>Question: What new tax laws should people be aware of for 2012?</p>
<p>Answer: In 2012 the changes were mainly due to inflation adjustments. The value of each personal exemption increased to $3,800 from $3,700 in 2011. The new standard deduction is $11,900 for married couples filing a joint return, up $300 from $11,600 in 2011; $5,950 for single people, up $150 from 2011; and $8,700 for heads of household, up $200.</p>
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Question: What new tax laws should people be aware of for 2012?

Answer: In 2012 the changes were mainly due to inflation adjustments. The value of each personal exemption increased to $3,800 from $3,700 in 2011. The new standard deduction is $11,900 for married couples filing a joint return, up $300 from $11,600 in 2011; $5,950 for single people, up $150 from 2011; and $8,700 for heads of household, up $200. Login for more...