In 2013, Various Tax Benefits Increase Due to Inflation Adjustments

Source: IRS.gov

For tax year 2013, the Internal Revenue Service announced today annual inflation adjustments for more than two dozen tax provisions.

  • The annual exclusion for gifts rises to $14,000 for 2013, up from $13,000 for 2012.
  • The amount used to reduce the net unearned income reported on a child’s tax return subject to the “kiddie tax,” is $1,000, up from $950 for 2012.
  • The foreign earned income exclusion rises to $97,600, up from $95,100 in 2012.

Details on these inflation adjustments and others such as the low-income housing credit, the dollar limits for high-deductible health plans and other amounts can be found in Revenue Procedure 2012-41, which will be published in Internal Revenue Bulletin 2012-45 on Nov. 5, 2012.


Qualities of a Leader

How often have you heard the comment, He or she is a born leader? There are certain characteristics found in some people that seem to naturally put them in a position where theyre looked up to as a leader.

Read More

Secure Client Portal






Forgot password?

Sign up For Our Newsletter

Get Weekly Tax & Wealth Building Tips!