Standard Deduction 2013

The standard deduction for 2013 depends upon your filing status: single, married, married filing separately, widow, or head of household. The standard deduction is increased if you are 65 or older.

Taxpayers takes the standard deduction unless the total of their itemized deductions, such as medical expenses, real estates taxes, mortgage interest, and charitable contributions on Schedule A, Form 1040 exceeds the standard deduction. Select the one that gives your the largest tax benefit.

Here is the standard deduction in 2013 for most people:

Single or Married filing separately                                                                  $  6,100
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Married filing jointly or Qualifying widow(er) with dependent child      $ 12,200

Head of household                                                                                              $   8,950

Take the standard deduction to reduce your taxable income.