Just as a point of reference, the standard deduction in 2011 will be $5800 for single and $11600 for married joint, up from $5700 and $11400 in 2010. The dependency exemption (a deduction for you, your spouse and each of your dependents) will be $3700, up from $3650 in 2010. This proves that there is inflation, so why didn’t people on social security get a cost of living adjustment in 2011? It boggles the mind. The Social Security Administration must be in a different Universe (as opposed to the real world) than the rest of us.
I mentioned this in an earlier post, but in case you missed it, the standard milage rates for 2011 are:
Business 51 cents per mile, up from 50 cents in 2010
Medical and moving 19 cents per mile, up from 16.5 cents in 2010
Charitable stays at 14 cents a mile, this can’t be changed unless Congress passes a law.
Last time I heard, with depreciation, insurance, maintenance, etc, it costs at least 75 cents a mile to operate a car, and that was with gas at $2.50 a gallon. Oh well, at least they didn’t lower it.