According to a press release issued the other day by the IRS, U.S. Federal tax brackets and most tax benefits will “stay the same or change only slightly in 2010.” This is due to the negative to low inflation rate experienced during 2009.
- The annual gift tax exclusion remains unchanged at $13,000.
- Tax bracket thresholds will see minor changes. Read the IRS announcement below for more information.
- Personal and dependent exemptions remain unchanged from 2009 at $3,650.
- The “standard” deduction remains the same for most filing classes, except for a small $50 bump for heads of household:
| Filing As: | 2009 Amount | 2010 Amount |
| Single | $ 5,700 | $ 5,700 |
| Married Filing Jointly and Qualified Widowers | $11,400 | $11,400 |
| Head of Household | $ 8,350 | $ 8.400 |
| Married Filing Separately | $ 5,700 | $ 5,700 |
For more information, check out the IRS announcement here.
