Feb
14
Tax Changes for 2012
Mandatory annual inflation adjustments generally affect federal income tax brackets, retirement plan contribution limits, and exemption levels from year to year.
The 3.8% inflation rate (measured by the Consumer Price Index) used to index 2012 tax rates is higher than it was in the previous two years; the adjustments could lower your tax bill on your 2012 return (due in April 2013). Here are some changes that may affect you and your family in Charleston SC, Miami FL, Charlotte NC and Atlanta GA.
Personal and dependent deduction: $3,800 (up $100). Standard deduction: $5,950 for single filers and married couples filing separately (up $150); $11,900 for married couples filing jointly (up $300).
The 3.8% inflation rate (measured by the Consumer Price Index) used to index 2012 tax rates is higher than it was in the previous two years; the adjustments could lower your tax bill on your 2012 return (due in April 2013). Here are some changes that may affect you and your family in Charleston SC, Miami FL, Charlotte NC and Atlanta GA.
Personal and dependent deduction: $3,800 (up $100). Standard deduction: $5,950 for single filers and married couples filing separately (up $150); $11,900 for married couples filing jointly (up $300).
