A Boutique Trusts & Estates Law Firm

IRS 2014 Inflation Adjustments And Your Taxes

Monday, November 4th, 2013

The IRS has released the 2014 Inflation Adjustments. The estate tax lifetime exemption amount will increase to $5.34 million. The annual exclusion for gift tax will remain the same at $14,000.

On the income tax side, a married couple earning over $457,600 or an individual earning over $406,750 will pay the top tax rate of 39.6%. There are also increases in the standard deduction and personal exemption.

For more information, see http://www.irs.gov/uac/Newsroom/In-2014-Various-Tax-Benefits-Increase-Due-to-Inflation-Adjustments