The IRS announced last week that there would be a delay to the start of the electronic filing season.
The start date for individual returns will be January 30, 2013. This will allow them to react to changes that were included in the recent tax legislation. They have also indicated that some forms won’t be available until late February or early March.
The start date for business returns has also been delayed to a date the IRS has yet to announce.
On Friday, the IRS issued Rev. Proc. 2013-15, which contains inflation-adjusted items for 2013 as well as the new income tax rate tables now in effect as a result of the American Taxpayer Relief Act.
Among the inflation-adjusted amounts that have increased are the personal exemption. This increased from $3,800 in 2012 to $3,900 for 2013, and the standard deduction. For married filing jointly status this increased from $11,900 in 2012 to $12,200 in 2013.
The AMT exemption amount for 2013 is $80,800 for married taxpayers filing joint returns and $51,900 for single taxpayers.
The revenue procedure also contains the inflation-adjusted unified credit against the estate tax, which is $5.25 million for 2013.
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