Better late than never: 2013 inflation adjustments issued — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
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Better late than never: 2013 inflation adjustments issued

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in Office Management,Payroll Management

Well, it took the IRS long enough, but it finally released the official inflation-adjusted figures for 2013. Here’s the roundup.

  • The standard deduction amounts are $6,100 for singles and marrieds filing separately, $12,200 for joint filers and $8,950 for heads of household.
  • The standard deduction for a dependent who can be claimed on another’s tax return can’t exceed the greater of $1,000 or the sum of $350 and the dependent’s earned income.
  • The additional standard deduction for the aged or blind is $1,200 or $1,500 if the taxpayer is unmarried.
  • The monthly exclusion for qualified employer-provided parking and mass transit benefits is $245.
  • For joint filers, the personal exemption phase-out and limitation on itemized deductions start at $300,000; for single taxpayers, the limits begin at $250,000. (Rev. Proc. 2013-15, IRB 2013-5)

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