IRS Announces 2014 Inflation Adjustments

On October 31, 2013, the IRS released their 2014 inflation adjusted numbers.  The following table summarizes some of the more common numbers that relate to most of us:

 

Description 2013 2014 Difference
Personal Exemption $3,900 $3,950 $50
Standard Deduction – Single $6,100 $6,200 $100
Standard Deduction – Married Filing Jointly $12,200 $12,400 $200
Annual Gift Tax Exclusion $14,000 $14,000 $0
AMT Exemption – Single $51,900 $52,800 $900
AMT Exemption – Married Filing Jointly $80,800 $82,100 $1,300

The Social Security Administration announced that the wage base (maximum taxable income) for 2014 will be $117,000, up from the 2013 base of $113,700.  The Social Security Administration estimates that 10 million taxpayers will be affected by this increase.

As always, you should contact a tax professional for advice regarding your personal tax situation.

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