Extra Standard Deduction for Seniors

If you are 65 or older, did you know that the extra standard deduction amount you get to add went up by $50 in 2007? It’s pegged to inflation so instead of an additional $1,250 on top of the standard deduction, you will be able to tack on $1,300 (for single filers). For those that are married filers, you get $1,050 instead of the $1,000 you had on 2006 returns. Enjoy the extra deduction!