Thursday, October 18, 2012

In 2013, Various Tax Benefits Increase Due to Inflation Adjustments
For tax year 2013, the Internal Revenue Service announced today annual inflation adjustments for the following tax items:
  • 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