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The IRS announced inflation adjustments for 2014.  These inflation adjustments are for more than 40 tax provisions.  Some of the provisions include the following:

  • The standard deduction rises to $6,200 for singles and married persons filing separate, $12,400 for married filing jointly and $9,100 for heads of households, for tax year 2013.
  • Tax rate of 39.6% affects singles with income exceeding $406,750 and $457,600 for married filing jointly.
  • The personal exemption will rise to $3,950.  The exemption is subject to a phase-out with adjusted gross incomes of $254,200 for singles and $305,050 for married filing jointly.  It will phase-out completely at $376,700 for singles and $427,550 for married filing jointly.
  • On tax year 2014 returns, the limitation for itemized deductions claimed for individuals begins with incomes of $254,200 or more and $305,050 for married filing jointly.

 Information on these and other tax provisions can be found at:,-Various-Tax-Benefits-Increase-Due-to-Inflation-Adjustments

If you have any questions regarding this information, please contact us here at Edmondson, Betzler & Montgomery, PLLC.