{"id":1051,"date":"2013-01-11T15:59:40","date_gmt":"2013-01-11T20:59:40","guid":{"rendered":"http:\/\/hoorfarlaw.com\/blog\/?p=1051"},"modified":"2013-01-11T15:59:40","modified_gmt":"2013-01-11T20:59:40","slug":"annual-inflation-adjustments-for-2013","status":"publish","type":"post","link":"https:\/\/hoorfarlaw.com\/blog\/?p=1051","title":{"rendered":"<a href=http:\/\/www.hoorfarlaw.com>Annual Inflation Adjustments for 2013<\/a>"},"content":{"rendered":"<p>The Internal Revenue Service announced today annual inflation adjustments for tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American Taxpayer Relief Act of 2012.<br \/>\n<a href=\"http:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2013\/01\/ttaxes.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-thumbnail wp-image-1052\" title=\"ttaxes\" src=\"http:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2013\/01\/ttaxes-150x132.jpg\" alt=\"\" width=\"150\" height=\"132\" \/><\/a><\/p>\n<p>The tax items for 2013 of greatest interest to most taxpayers include the following changes.<\/p>\n<ul>\n<li>Beginning in tax year\u00a02013 (generally for tax returns filed in 2014), a new tax rate of 39.6\u00a0percent has been added for individuals whose income exceeds $400,000 ($450,000 for married taxpayers filing a joint return). The other marginal rates \u2014 10, 15, 25, 28, 33 and 35 percent \u2014 remain the same as in prior\u00a0years. The guidance contains the taxable income thresholds for each of the\u00a0marginal rates.<\/li>\n<li>The standard deduction rises to $6,100 ($12,200 for married couples filing jointly), up from\u00a0$5,950 ($11,900 for married couples filing jointly) for tax year 2012.<\/li>\n<li>The American Taxpayer\u00a0Relief Act of 2012 added a limitation for itemized deductions claimed on\u00a02013 returns of individuals with incomes of $250,000 or more ($300,000 for\u00a0married couples filing jointly).<\/li>\n<li>The personal exemption\u00a0rises to $3,900, up from the 2012 exemption of $3,800. However beginning\u00a0in 2013, the exemption is subject to a phase-out that begins with adjusted\u00a0gross incomes of $150,000 ($300,000 for married couples filing jointly). It phases out completely at $211,250 ($422,500 for married couples filing jointly.)<\/li>\n<li>The Alternative\u00a0Minimum Tax exemption amount for tax year 2013 is $51,900 ($80,800, for\u00a0married couples filing jointly), set by the American Taxpayer Relief Act\u00a0of 2012, which indexes future amounts for inflation. The 2012 exemption\u00a0amount was $50,600 ($78,750 for married couples filing jointly).<\/li>\n<li>The maximum Earned\u00a0Income Credit amount is $6,044 for taxpayers filing jointly who have 3 or\u00a0more qualifying children, up from a total of $5,891 for tax year 2012.<\/li>\n<li>Estates of decedents who die during 2013 have a basic exclusion amount of $5,250,000, up from a\u00a0total of $5,120,000 for estates of decedents who died in 2012.<\/li>\n<\/ul>\n<p>For tax year 2013, the monthly limitation regarding the aggregate fringe benefit exclusion amount for transit passes and transportation in a commuter highway vehicle is $245, up from $240 for tax year 2012 (the legislation provided a retroactive increase from the $125 limit that had been in place).<\/p>\n<p>Courtesy of the Internal Revenue Service.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Internal Revenue Service announced today annual inflation adjustments for tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American Taxpayer Relief Act of 2012. The tax items for 2013 of greatest interest &hellip; <a href=\"https:\/\/hoorfarlaw.com\/blog\/?p=1051\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[191,190,193,192],"class_list":["post-1051","post","type-post","status-publish","format-standard","hentry","category-general","tag-american-taxpayer-relief-act-of-2012","tag-annual-inflation","tag-earned-income-credit","tag-the-alternative-minimum-tax"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1051"}],"version-history":[{"count":2,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1051\/revisions"}],"predecessor-version":[{"id":1054,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1051\/revisions\/1054"}],"wp:attachment":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}