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Inflation Adjusted Tax Changes for 2015

There are a couple inflation adjusted tax changes that are important to point out for 2015. For gifts made as well as the estates of decedents dying in 2015, the exclusion amount will be $5,430,000 up from $5,340,000 in 2014.

For gifts made in 2015, the gift tax annual exclusion will be $14,000, which is the same as in 2014. The credit allowed for an adoption of a child with special needs will be $13,400 for 2015 (up from $13,190 for 2014). The maximum credit allowed for other adoptions will be the amount of qualified adoption expenses up to $13,400, which is up from $13,190 for 2014.

Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein

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