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Jones & Company, Ltd.
501 Southwest Drive
Jonesboro, AR 72403

870.935.2871

New Paragould Location
109 W. Court Street, Suite B
Paragould, AR 72450

870.236.6449

 

 

2007 Deductions And Exemptions


Standard Deduction 2006 2007
Joint returns & surviving spouses $10,300 $10,700
Married filing separately $5,150 $5,350
Head of household $7,550 $7,850
Unmarried $5,150 $5,350
     
Additional Standard Deductions for Elderly (Ages 65 & Older) &/or Blind Taxpayers 2006 2007
Married / Surviving Spouse $1,000 $1,050
Unmarried / Head of Household $1,250 $1,300
Standard Mileage Allowance $.445 $.485
     
Personal Exemption 2006 2007
  $3,300 $3,400

No personal exemption is allowed to an individual who is eligible to be claimed as a dependent on another taxpayer's return. The tax benefit of the personal exemption is phased out for higher income taxpayers. Taxpayers may not claim a dependency exemption for a dependant who is a student and who reaches the age of 24 during the tax year.

 

 

 

 
 

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