Today I want to introduce to you the inflation adjustments just released by the IRS:
- For estate tax purposes, the new transfer tax exemption will be $5.34 million per person, up from $5.25 million.
- The annual exclusion for lifetime gifts will remain at $14,000 for 2014.
- The 39.6% tax rate will remain as the highest tax rate affecting singles whose income exceeds $406,000 and married families who exceed $457,000.
- Standard deductions for singles will be $6,200 and for married persons filing separately, $12,400.
Attached is a newsletter containing an update of all of the changes and inflation adjustments for taxes, Alternative Minimum Tax (AMT), Earned Income Credits, transfer tax, Gift Tax Exclusion, and FSA limits. You will find it to be valuable for your 2014 planning.
Call us with any questions you may have.
Michael Fliegelman, CLU, ChFC, AEP, CLTC, RFC
Founder / President, Strategic Wealth Advisors Network
(631) 262-9254
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Please note that the information being provided is strictly as a courtesy. Always confer with your CPA prior to attempting to take any tax deduction. Michael Fliegelman is not a CPA, nor should the contained be considered tax “advice”.