Tax-law changes may save you money
Laws affecting Americans' 2001 tax returns took effect Jan. 1, according to CCH Inc., a provider of tax information. Among the changes:
Standard deduction amounts rise to $7,600 for married couples filing jointly, $3,800 for couples filing separately, $4,550 for singles, and $6,650 for household heads. A dependent deduction increases to $750. Each personal exemption will be worth $2,900. The maximum amount of wages subject to Social Security old age, survivors', and disability withholding increases to $80,400. The deductible amount of student-loan interest increases to $2,500.
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