For tax year 2013, the Internal Revenue Service announced 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 here later. Pl check back again
IR-2012-78 2012/10/18http://www.smalltax.com/Tax_blog/tax-benefits-increase-in-2013-due-to-inflation-adjustments/
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