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Alert: IRS Announces Inflation Adjusted Amounts for 2012 To keep up with inflation, the IRS has updated several tax benefits for 2012. Among them are: Personal exemption increases by $100 to $3,800. Standard deduction for married couples is $11,900 or $5,950 for singles. Section 179 limit for business asset purchases is $139,000, down from the 2011 maximum of $500,000. The annual gift tax exclusion remains at $13,000. Section 401(k), 403(b) and 457 elective deferral limits increases to $17,000. Other plan contribution limits remain unchanged. Social Security wage base increases from $106,800 to $110,100. For more information, contact a member of Decosimo's tax team.

Alert: IRS Announces Inflation Adjusted Amounts for 2012

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