Accounting & Bookkeeping & Small Business Forum

[Richard Noot]

If any of you are receiving the Universal newsletter, I have noticed an error in the latest one.

2006 Standard Deductions Filling status Amount
Married filling jointly or qualifying widow(er)
$10,300

Heads of households
$7,550

Singles
$5,150

Married filling separately
$5,150


If you're 65 or blind: An additional $1,000 standard deduction may be claimed by a married taxpayer who is at least 65 years old or blind. If the taxpayer is single, the additional standard deduction amount is $1,250.
If you're 65 AND blind: A married taxpayer can claim a second $1,000 standard deduction -- for a total of $2,000. If the taxpayer is single, he can claim a second $1,250 standard deduction -- for a total of $2,500.



2007 Standard Deductions Filling status Amount
Married filling jointly or qualifying widow(er)
$10,700

Heads of households
$7,850

Singles
$5,350

Married filling separately
$5,350

Universal failed to show the inflation increase for those 65 or over in 2007 these amounts will increase as follows:

MFJ and QW will go from $1000.00 to $1050.00
Single and HOH will go from $1250 to $1300

[Ken]

Thanks Richard, We try to go through those with a fine toothed comb, but sometimes things slip through. We appreciate our readers keeping us on our toes.

[belknasm]

Thanks for catching that error. You read the newsletter closely. That's great!