If you file individually, you'll each get a deduction equal to half this amount of ,950 each.
Additionally, everyone gets a personal tax exemption of ,800 -- or ,600 for married couples.
If you're married, you have the option of filing jointly or separately, and there's no answer that works for everyone.
Instead, you'll need to examine the effect filing jointly has on your tax bracket, deductions and overall tax liability.
Everyone who files taxes is eligible for a standard deduction, which reduces your total taxable income.
For married couples filing jointly, the standard deduction as of 2012 is $11,900.
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