Tax Year 2015: Things you should starting preparing for now.
Because of inflation adjustments required by law, the standard deduction, personal exemption and many other important tax numbers for the coming year will increase. Here are a few changes that will affect federal income-tax returns for the 2015 tax year, to be filed in 2016:
The basic standard deduction for 2015 will increase to $6,300 for single taxpayers (and married people filing separate returns) from $6,200 for this year. For married couples filing jointly, it will rise to $12,600 from $12,400 this year.
But before you automatically choose the standard deduction, check to see whether you would be better off itemizing your deductions, such as charitable gifts.
The standard deduction for those who qualify as “head of household” will rise to $9,250 from $9,100.
The amount and income thresholds for the earned income tax credit, a program designed to…
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