December 3, 2014
Inflation/Cost of Living Tax Updates for 2015
| Tax Benefit | AMOUNT FOR 2015 | CHANGE DUE TO INFLATION AS COMPARED TO 2014 |
| Personal/Dependent Exemption | $4000 | Increased $50 |
| STANDARD DEDUCTION | ||
| Married FIling Joint | $12,000 | Increased $200 |
| Single | $6,300 | Increased $100 |
| Married FIling Seperately | $6,300 | Increased $100 |
| Head of Household | $9,250 | Increased $150 |
| Additional Deduction for Taxpayers Who Are Blind Senior Citizens | $1,250 if married, -OR- $1,550 if single/head of household |
Increased $50 Remains Unchanged |
| Maximum Earned Income Tax Credit for Low/Moderate Income Workers | $6,242 | Increased $99 |
| Maximum Earned Limit for Low/Moderate Income Workers | $47,747 (Joint $53,267) | Limited to 3 children |
| Foreign Earned Income Deduction | $100,800 | Increased $1,600 |
| Modified Adjusted Gross Income threshold for Lifetime Learning Credit Phaseout | $110,000 if filing jointly -OR- $55,000 if single/head of household |
Increased $2,000 Increased $1,000 |
