question.jpgIn Federal Income Tax

What is the standard deduction for 2006?

The standard deduction has been increased for 2006. If you are taking the standard deduction, instead of itemizing your deductions, you can claim the following deduction for 2006: $5,150 (if you are single or married filing separately), $7,550 (if you are filing as the head of household) and $10,300 (if you are married filing jointly or a qualifying widow(er) with a dependent child).