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PTE Tax Services Home2012 Tax InformationIncome IndividualBusiness IncomeFiduciaryEstate PlanningProbate SettlementTrust SettlementServices ProvidedDefinitions |
2012 Tax Information Mileage rates:
Personal exemption: $3,800 Standard Deduction:
Estate and Gift Taxes: The estate tax exemption is $5,120,000 per taxpayer and any estate over that amount is taxed at a flat 35%. The estate tax exemption is portable if it is not all used at the first spouse's death. Gift Tax Exemption for 2012: $13,000 per donee. Alternative Minimum Tax: In 2012, the AMT reverts back to the original exemptions. It is the hope of the tax-professional community that Congress will adjust the exemption amounts before the end of 2012. Self-Employed can deduct 100% health premiums. Social Security for January and February 2012: Individuals get a benefit from a Social Security tax cut. The 6.2% decreases to 4.2% on the individual's wages. This Social Security tax cut is also available to the self-employed. Social Security: There is a 2012 cost-of-living increase of 3.6%. The Social Security wage base has increased to $110,100. 401(k), 403(b), 467
Contributions: Maximum of $17,000 for 2012. If you were
born before 1963, the maximum contribution is $22,500. Tax Provisions that Expired After 2011: - College Tuition
Deduction
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