Home > Industries > Employee Benefit Plans

Alert: IRS Announces Inflation Adjusted Amounts for 2012

To keep up with inflation, the IRS has updated several tax benefits for 2012.

Among them are:

  1. Personal exemption increases by $100 to $3,800.
  2. Standard deduction for married couples is $11,900 or $5,950 for singles.
  3. Section 179 limit for business asset purchases is $139,000, down from the 2011 maximum of $500,000.
  4. The annual gift tax exclusion remains at $13,000.
  5. Section 401(k), 403(b) and 457 elective deferral limits increases to $17,000. Other plan contribution limits remain unchanged.
  6. Social Security wage base increases from $106,800 to $110,100.

For more information, contact a member of Decosimo's tax team.

Alert: IRS Allows Flexibility in Qualified IRA Distributions to Charities Before January 31

Article: Is Your Benefit Plan Compliant with New DOL Disclosure Regulations?

Alert: IRS Announces Inflation Adjusted Amounts for 2012

Powered by SiteNow® from Williams Web

Decosimo is an independently owned and operated member firm of both the Moore Stephens North America (MSNA) association of member firms and the Moore Stephens International Limited (MSIL) network of member firms.  Neither MSNA nor MSIL provide services to clients.  Decosimo is a separate and distinct legal entity, subject to the laws and professional regulations of the jurisdictions in which it operates, and is not authorized to obligate or bind MSNA, MSIL, or any other member firm of MSNA or MSIL.  Decosimo is liable only for its own acts or omissions and not those of any other person or entity including MSNA, MSIL and other member firms of MSNA and MSIL.