IRS Releases Official 2009 Tax Rate Brackets, Standard Deductions, And Other Inflation-Adjusted Figures

Abstract

In Rev. Proc. 2008-66, the IRS has issued the new income tax brackets, standard deduction, personal exemption amount, and a host of other inflation-adjustments for the 2009 tax year. Both personal and dependency exemptions have increased to $3,650. The new standard deduction is $11,400 for married couples filing jointly, $5,700 for singles and married individuals filing separately. The portion of private activity bonds allowed for use by first-time farmers to acquire land has been indexed to $469,200 for 2009.