IRS 2014 Inflation Adjustments And Your Taxes

Monday, November 4th, 2013

The IRS has released the 2014 Inflation Adjustments. The estate tax lifetime exemption amount will increase to $5.34 million. The annual exclusion for gift tax will remain the same at $14,000.

On the income tax side, a married couple earning over $457,600 or an individual earning over $406,750 will pay the top tax rate of 39.6%. There are also increases in the standard deduction and personal exemption.

For more information, see http://www.irs.gov/uac/Newsroom/In-2014-Various-Tax-Benefits-Increase-Due-to-Inflation-Adjustments