DESKTOP VIEW

Various Tax Benefits Increase Due to Inflation Adjustments

Issue Number:    IR-2012-78

Inside This Issue


In 2013, Various Tax Benefits Increase Due to Inflation Adjustments

WASHINGTON — 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, which will be published in Internal Revenue Bulletin 2012-45 on
Nov. 5, 2012.

Protax Consulting Services Seven Penn Plaza, Suite 416
New York, NY 10001
Tel 212.714.9070
Fax 212.714.6654
protax@protaxconsulting.com

Member and Featured Faculty of:

American Institute of Certified Public Accountants

New York State Society of Certified Public Accountants

NYSSCPA’s 100%
Membership Program

Association of International Tax Consultants, U.S. Member

CCH Wolters Kluwer Faculty

Lawline Faculty

Furthered Faculty

Strafford Faculty

Clear Law Institute Faculty

Clear Law Institute Faculty

Contact Us for U.S.
International Individual Tax

wherever you are, .
wherever you go
- Download our FREE apps -


Download the Protax App on the App Store

Download the Protax App on Google Play

Member and Featured Faculty of:

  • American Institute of Certified Public Accountants
  • NYSSCPA’s 100% Membership Program
  • Association of International Tax Consultants, U.S. Member
  • Faculty
  • Faculty