As we move towards April 15th, trying to figure out your deductions should be paramount. Let’s look at the standard tax deduction amounts for your 2010 taxes. 

It wasn’t that long ago that most people would itemize their tax deductions each year to lower their tax bill. Unfortunately, politicians need money, so they’ve slowly been eliminating most of the tax deductions in the tax code. It has come to the point that most people just throw their hands up in frustration and tax the standard deduction. 

The standard deduction is simply a set amount you can deduct from your gross income to arrive at a figure that can be used to calculate the amount of money you owe the federal government. The number changes a bit each year, so let’s start with the simplest designation. If you are filing as a single filer under the age of 65, the standard deduction is $5,700 for 2010. This is the same figure for each person under the designation married filing separately. 

What about married couples? They can claim a standard deduction of $11,400, which is just the single deduction multiplied twice. Those filers using the head of household designation can claim $8,400 as the standard deduction. Widows or widowers get to claim a very health $11,400 on their taxes. 

The standard deduction is now the predominant claim by most Americans. That doesn’t mean it is necessarily the best or the only way to go. You should give serious thought to your purchases during the year and your financial situation. Many can affect the bottom line on your taxes. For instance, the purchase of a hybrid vehicle might have provided you with a $1,500 tax credit or more. The same could be true for the purchase of an energy efficient appliance for your home.

Claiming the standard deduction is the best way to do your taxes simply. Still, you don’t want to leave money on the table, so make sure you give your 2010 finances the once over very closely.