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Our newsletters and tax tips are designed to give you the latest information about tax concerns that we find the most popular among our clients.  If you have a question about the information provided in our newsletter, please give us a call at (410) 653-6853.

 

Self-Employment
Tax strategies for the self-employed. Being self-employed can bring individuals great rewards and freedoms...
Clergy and Non-Profits
Tax information for religious and non-profit employees. ...
Health Care Professionals
Tax strategies for doctors, dentists and health care workers... ...
Educators
Tax strategies for teachers, daycare providers and education professionals...
Itemized Deductions
Must know deductions for every taxpayer...
 
 

Key 2011 Exemptions and Deductions

Personal Exemptions
The personal exemption for each qualifying dependent did not increase for 2011.

 
 

2011
2010
2009
2008
2007
2006
Exemption
$3,700
$3,650
$3,650
$3,500
$3,400
$3,300
        

Standard Deductions
Standard deductions for those who do not itemize are as follows:
2011
2010
2009
2008
2007
2006
Single
$5,800
$5,700
$5,700
$5,450
$5,350
$5,150
Married Filing Sep.
$5,800
$5,700
$5,700
$5,450
$5,350
$5,150
Married Filing Joint
$11,600
$11,400
$11,400
$10,900
$10,700
$10,300
Head of Household
$8,500
$8,400
$8,350
$8,000
$7,850
$7,550
                    

If 65 or over and/or blind add:

2011
2010
2009
2008
2007
2006
Single/Head of Household
$1,450
$1,400
$1,400
$1,350
$1,300
$1,250
Married/Surviving Spouse
$1,150
$1,100
$1,100
$1,050
$1,050
$1,000

Standard Mileage Rates
The standard mileage rates for 2010 and 2009 are:

   
Rates/Mile
Mileage
2011
2010
2009
 
1/1/2011 - 6/30/2011
Business Travel  
51¢
50¢
55¢
Medical/Moving
 
19¢
16.5¢
24¢
Charitable Work
 
14¢
14¢
14¢
 
7/1/2011 - 12/31/2011
Business Travel
 
55.5¢
Medical/Moving
 
23.5¢
Charitable Work
 
14¢

   
     
 
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