The IRS has released cost-of-living adjustments for 2012. More information on pension limits can be found here. More information on other COLA adjustments can be found here. Some highlights: The contribution limit to IRAs remains at $5,000. The income limits on the IRA deduction phaseout and Roth IRA contributions have been increased*. The contribution limit […]
On Thursday the IRS released the standard deduction amounts for 2011. This will affect your 2011 tax return that you’ll file in 2012. The personal exemption amount will increase to $3,700 (up from $3,650 for 2010 returns). The standard deduction for married couples will be 11,600 (up $200 from 2010); $5,800 for single and married […]
The IRS has released the cost-of-living adjustments for items such as the adoption credit, eligible long-term care premiums, medical savings accounts and the gift tax. The maximum adoption credit in 2011 will be $13,360. For medical savings accounts, a “high-deductible health plan” will mean a plan that has an annual deducible between $2,050-$3,050 for self-only, and […]
