What are the standard deduction and exemption amounts this year?

For 2011, you can claim an exemption of $3,700 for each person you can claim on your tax return.

The standard deduction amounts depend on your filing status. If you file as single or married filing separately, you can claim a standard deduction of $5,800. If you file as married filing jointly or as a qualifying widower, you can claim a standard deduction of $11,600. If you file as head of household, you can claim a standard deduction of $8,500.