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Inflation adjustments for 2013 tax preparations
For tax year 2013, the Internal Revenue Service announced last week annual inflation adjustments for more than two dozen tax provisions. Some of the most impacting include –
-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 Procedures released by the IRS.
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