IRS Announces Inflation Adjustments for 2013

The Internal Revenue Service recently released its annual inflation adjustments on several tax provisions. Some of these items are as follows:

– 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.

Click here to view the full article on the Journal of Accountancy’s website.