To keep pace with inflation, the IRS modified dozens of tax benefits for 2012. For example, the value of each personal and dependency exemption for most taxpayers will be $3,800, an increase of $100 over 2011. In addition, the standard deduction will be $11,900 for married couples filing a joint return, $5,950 for singles and married individuals filing separately, and $8,700 for heads of household.
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