Am I Required to File a Tax Return?

If your income exceeds the combined total of your standard deduction and personal exemption, you are requierd to file a tax return.  Below are the 2009 filing requirement thresholds:
Single: $9,350 ($10,750 if age 65 and over)
Head of Household: $12,000 ($13,400 if age 65 and over)
Married Filing Joint: $18,700 ($19,800 if one spouse age 65 and over; $20,900 if both spouses age 65 and over)
Married Filing Separately: $3,650 (any age)
Qualifying Widow/Widower: $18,700 ($19,800 if age 65 and older)

What is my Standard Deduction?

Single: $5,700
Head of Household: $8,350
Married Filing Joint: $11,400
Married Filing Separately: $5,700
Qualifying Widow/Widower: $11,400
Additional Amount if Blind: $1,100 (for married filing joint, married filing separately, or qualifying widow); $1,400 (for single and head of household)
Additional Amount if age 65 or older: $1,100 (for married filing joint, married filing separately, or qualifying widow); $1,400 (for single and head of household).

Personal Exemptions

Per taxpayer and dependent: $3,650

Retirement Plan Limits

You can save for retirement up to the maximum dollar limit. Maximum contributions vary by the type of retirement plan:
Traditional or Roth IRA: $5,000 ($6,000 if age 50 or older)
SEP IRA: $49,000
SIMPLE IRA: $11,500 ($14,000 if age 50 or older)
401(k) plan: $16,500 ($22,000 if age 50 or older)
403(b) plan: $16,500 ($22,000 if age 50 or older)
457 plan: $16,500 ($22,000 if age 50 or older)
Defined Contribution Pension: $49,000
Defined Benefit Pension: $195,000

Standard Mileage Rate for 2009

You can deduct the cost of driving a vehicle for business-use, for traveling to a doctor, when relocating for a new job, or when you are engaged in charitable activities. The 2009 standard rates for mileage are:

• 55 cents per mile for business,
• 24 cents per mile for medical or moving purposes, and
• 14 cents per mile for charitable service.