Inflation adjustments: in 2012, many tax benefits increase due to inflation adjustments.

• Position: IRS NEWS

For tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, the IRS announced. New dollar amounts affecting 2012 returns, filed by most taxpayers in early 2013, include the following:

* The value of each personal and dependent exemption--available to most taxpayers--is $3,800 (up $100 from 2011).

* The new standard deduction is SI 1,900 for married couples filing a joint return (up $300), $5,950 for singles and married individuals filing separately (up $150) and $8,700 for heads of household (up $200).

* Tax-bracket thresholds increase for each...