IRS Announces Increases to Tax Deductions

The Internal Revenue Service has announced it will increase some deductions to adjust for inflation.

In 2007, standard deductions will rise 400 to $10,700. That is for married couples filing a joint return.

Deductions for singles and married couples filing separately will go up 200 to $5,000.

And, for those filing as head of households, deductions will go up 300 to $7,800.

The changes will affect 2007 returns, which most taxpayers will file in 2008.

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