Tax Numbers for 2013 and 2012 – Part 2

Tax Numbers for 2013 and 2012 – Part 2     The numbers for 2012 in the chart below apply to your 2012 returns, and the numbers for 2013 should be used in your 2013 tax planning.                                                                                              2013                               2012 Income (AGI) phase-out for personal exemption and itemized deductions * Single                                                          Starts at $250,000             No income limit * Joint returns and surviving spouses             Starts at $300,000             No income limit * Married filing separately                              Starts at $150,000             No income limit * Head of household                                      Starts at $275,000             No income limit   Health savings account contribution limit * Individual                                                                      $3,250                            $3,100 * Family                                                                           $6,450                            $6,250 * Additional for 55 & older                                             $1,000                            $1,000   Automobile standard mileage rate * Business                                                                          56.5¢                              55.5¢ * Medical/moving expense                                                   24¢                                 23¢ * Charitable work                                                                 14¢                                 14¢   Estate tax top rate                                                               40%                                35% Estate tax exclusion                                                  $5,250,000                     $5,120,000 Annual gift tax exclusion (per donee)                            $14,000                          $13,000   Alternative minimum tax exemption * Single                                                                          $51,900                          $50,600 * Married, joint                                                              $80,800                          $78,750 * Married, separate                                                        $40,400                          $39,375 Section 179 deduction limit                                      $   500,000                     $   500,000 Section 179 purchase limit                                       $2,000,000                     $2,000,000   Call us at (219) 769-3616 with your questions, or email them to tlynch@swartz-retson.com.