Federal, State, Local and
International Taxes -
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. Considering a Tax Professional? For no
obligation free consultation contact us today!
Amare Berhie, Senior Tax
Accountant
612-282-3200
866-936-0430 Toll Free
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