According to the Internal Revenue Service:


PERSONAL EXEMPTION:


—Each personal or dependent exemption is worth $3,800.


STANDARD DEDUCTION:


—$11,900 for married couples filing a joint return, and qualifying widows and widowers


—$5,950 for singles and married individuals filing separate returns


—$8,700 for heads of household


—Taxpayers who are 65 or older or who are blind may be eligible for a higher standard deduction.


ALTERNATIVE MINIMUM TAX THRESHOLD:


—$78,750 for a married couple filing a joint return, and qualifying widows and widowers


—$50,600 for singles and heads of household


INCOME TAX BRACKETS:


—10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent


EARNED INCOME TAX CREDIT:


To qualify income can be no greater than:


—$45,060 ($50,270 married filing jointly) with three or more qualifying children


—$41,952 ($47,162 married filing jointly) with two qualifying children


—$36,920 ($42,130 married filing jointly) with one qualifying child


—$13,980 ($19,190 married filing jointly) with no qualifying children


Investment income cannot be more than $3,200 or less for the year.


Maximum credit:


—$5,891 with three or more qualifying children


—$5,236 with two qualifying children


—$3,169 with one qualifying child


—$475 with no qualifying children


CAPITAL GAINS:


—0 percent if taxpayer is in the 10 percent or 15 percent income tax brackets


—15 percent top rate if taxed in higher brackets


ESTATE TAX:


—Taxed at a top rate of 35 percent in 2012, with the first $5.12 million in value exempted for individual estates and $10.24 million for family estates


IRA CONTRIBUTIONS:


—Traditional IRA contribution limit: $5,000


—Additional contribution if over 50: $1,000


DEFERRED RETIREMENT ACCOUNTS:


— 401(k), 403(b),: $17,000


—Additional contribution if 50 or older: $5,500


STANDARD MILEAGE RATES:


Business use


—55.5 cents a mile


Medical reasons or qualified move


—23 cents a mile


Charitable purposes


—14 cents a mile