2013 Tax Benefits Increase-Breaking News

 For tax year 2013, the IRS 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 the Internal Revenue bullentin 2012-45 on November 5, 2012.

Stay tuned for more details!

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