When Americans pay their taxes on April 15, 2002, CCH Incorporated predicts the tax liability will be lower than in previous years.
Due to low inflation, CCH believes the tax results based on income adjustments for single and married taxpayers will be more for 2001 than the previous two tax years. The single taxpayer savings is projected to be $176 less than in tax year 2000, while the married figure is $104 less.
CCH also predicts most will experience a savings through withholding and estimated taxes as soon as the first part of 2001.
Also of note are the standard deduction and personal exemption amounts, both of which probably will increase. CCH notes that:
- married couples filing jointly will see a projected $200 increase in their standard deduction to $7,550,
- single taxpayers could see a $150 increase over 2000 in their standard deduction to $4,550, and
- the personal exemption amount will go up in 2001 by $100 to $2,900.