Tax Breaks

There will be 2 tax breaks due to inflation.

1. The IRA contribution ceiling will jump to $5,500 which is a $500 increase. Taxpayers age 50 or older in 2013 are able to put in up to $6,500.

2. The annual gift tax exclusion will go up $1,000 from 2012 to $14,000.

The IRS ill officially announce these amounts next month.

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