Tax Deductions and Credits Historical Comparisons of Standard Deductions and Personal Exemptions Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxLisa Published Feb 8, 2012 - [Updated Sep 7, 2017] 0 min read Throughout history the IRS continues to give us a little break on our taxes by adjusting the standard deduction and personal exemption each year for inflation. See how these deductions have increased throughout the years with our infographic comparison. [intuit_tt_infographic id=9375] [tt_share_code url=”http://blog.turbotax.intuit.com/wp-content/uploads/2012/02/standard-deduction-personal-exemption-infographic.png” width=”620″ height=”1877″ title=”standard deductions personal exemptions” alt=”standard deductions personal exemptions”] Previous Post What is the Earned Income Tax Credit? Next Post Expanded Qualified Adoption Tax Credit Rules Written by Lisa Greene-Lewis Lisa has over 20 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. She has held positions as a public auditor, controller, and operations manager. Lisa has appeared on the Steve Harvey Show, the Ellen Show, and major news broadcast to break down tax laws and help taxpayers understand what tax laws mean to them. For Lisa, getting timely and accurate information out to taxpayers to help them keep more of their money is paramount. More from Lisa Greene-Lewis Follow Lisa Greene-Lewis on Twitter. One response to “Historical Comparisons of Standard Deductions and Personal Exemptions” I am a US Army veteran with 20 years active service. I have a 100 % Disability compensation from the VA and I also draw my Retired pay. My wife is also Disabled from Social Security. I would like to know what exemptions I can use to draw the most monies from the tax people. Can you please help me? I am 62 years old and my wife is 61 years old. Reply Leave a ReplyCancel reply Browse Related Articles Taxes 101 What Is a Personal Exemption & Should You Use It? Tax Deductions and Credits Apples and Oranges? Standard Deductions vs. Itemized D… Tax Reform How Will Tax Reform Affect My Refund Next Year? Tax Reform Tax Reform 101: 5 Things To Do Now Tax Deductions and Credits TurboTax AnswerXchange Question of the Month: Standard… Deductions and Credits Tax Deductions for Newlyweds Tax News 4 Key Things You Need to Know About the New 2020 IRS Fo… Tax Reform 3 Tax Deductions Are Going Away Due to Tax Reform, Here… Tax Deductions and Credits Standard vs Itemized Deduction Calculator Tax Deductions and Credits Tax Considerations for Cancer Patients
I am a US Army veteran with 20 years active service. I have a 100 % Disability compensation from the VA and I also draw my Retired pay. My wife is also Disabled from Social Security. I would like to know what exemptions I can use to draw the most monies from the tax people. Can you please help me? I am 62 years old and my wife is 61 years old. Reply