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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.

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