Historical Comparisons of Standard Deductions and Personal Exemptions

Tax Deductions and Credits Standard Deduction Personal Exemption Infographic

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.

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  1. 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.

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