Today's Tax Tip

Standard deductions increased

The 2008 standard deduction rose to $10,900 for married-filing-jointly, $5,450 for single and married-filing-separate, and $8,000 for head-of-household filers. Also, taxpayers can claim an added standard deduction based on real-estate taxes paid in 2008. This applies to "any state or local real-estate taxes you paid that would be deductible on Schedule A if you were itemizing deductions, up to $500 ($1,000 if married filing jointly)," the IRS said.