In 2013, Various Tax Benefits Increase Due to Inflation Adjustments 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 … Continue reading IRS announces higher gift tax benefits due to inflation for 2013
IRS Announces 2013 Pension Plan Limitations; Taxpayers May Contribute up to $17,500 to their 401(k) plans in 2013 WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2013. In general, many of the pension plan limitations will change for … Continue reading IRS announces increased pension limits for 2013
Below is a chart of our nonsensical estate tax laws. Note the wildly different amounts that can pass (or did pass) without estate tax, depending solely on the year of death. Yet, over the last 31 years, the amount that can pass without estate tax has never gone down, starting with President Reagan to President … Continue reading Chart of our nonsensical estate tax and gift tax laws….What will these tax laws be after 2012?
Due primarily to increases in the estate tax return filing threshold, the number of estate tax returns (IRS form 706) filed decreased from more than 108,000 in 2001 to just over 15,000 in 2010. See the statistics at the IRS web page at http://www.irs.gov/pub/irs-soi/10esesttaxsnap.pdf.