In 2013, Various Tax Benefits Increase Due to Inflation Adjustments

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WASHINGTON — For tax year 2013, the Internal Revenue Service announced today annual inflation adjustments for more than two dozen tax provisions.

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.
Details to follow on November 5th.

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