Did you know you and your dependents are worth more this year as you start filling out your tax return? The IRS has increased those deductions to try and compensate for inflation.
The amount you can deduct for dependents has gone up from 35-hundred to 36-hundred and fifty dollars, and the deduction has also increased if you're married couple filing a joint return.
Larry White, CPA & Vice President with Brown, Graham & Company says, "For example, a married couple filing jointly, the standard deduction is 11, 400...an increase of 500 dollars over the previous year.
The standard deduction is also larger for anyone who is blind or over the age of 65.