Here are a few more:
- Federal income tax-bracket For a married couple filing a joint return, the taxable-income threshold separating the 15% bracket from the 25% bracket is $70,700 for this year, up from $69,000 for 2011.
- The standard deduction is up slightly. For singles, the basic deduction amount for this year is $5,950, up from $5,800 last year. For married couples, it’s $11,900, up from $11,600 in 2011. There are additional amounts for those who are 65 or over, blind or both.
- The dependent exemption is $3,800 for 2012, up by $100 from 2011.
- The maximum earned income tax credit for low- and moderate-income workers and working families rose to $5,891 for 2012, from $5,751 in 2011. The maximum income limit for the EITC rose to $50,270 from $49,078 in 2011.
- The foreign earned income exclusion rose to $95,100 from $92,900 for 2011.
- The IRS’s optional standard mileage rate for using your car for business remain unchanged at 55.5 cents for 2012. Drivers have a choice of using this rate or deducting the business portion of actual expenses.