The Internal Revenue Service (IRS) has issued Revenue Procedure 2013-15, which contains inflation-adjusted items for 2013 and the new income tax rate tables now in effect as a result of the American Taxpayer Relief Act of 2012. In October 2012, when the IRS issued its usual year-end inflation adjustments, it noted that many of the items normally included would have to wait until Congress acted.
Among the inflation-adjusted amounts that have increased are the personal exemption, which increased from $3,800 to $3,900, and the standard deduction, which for married filing jointly status increased from $11,900 to $12,200 in 2013. In addition, the adoption credit increased from $12,650 to $12,970. The unified credit against the estate tax was adjusted to $5.25 million for 2013.
The AMT exemption amount for 2013 is $80,800 for married taxpayers filing jointly and $51,900 for single taxpayers. The American Taxpayer Relief Act set the 2012 exemption amounts at $78,750 for married taxpayers filing jointly and $50,600 for single filers. These amounts were indexed for inflation, so Congress will no longer have to pass annual AMT patches.
Click here to view the complete AccountingToday.com article.
Contact an MCB Tax Adviser at 703.218.3600 and start building a relationship with a CPA firm that strives to earn your RESPECT and CONFIDENCE as a TRUSTED business adviser.