Florida Estate Planning: Federal Tax Laws Revised for 2012
Posted on Jan 27, 2012
Now that 2012 is upon us, be aware that there have been some changes in tax laws. Many changes have risen from inflation adjustments, which may affect your income tax bracket. Since the changes apply to 2012, they will not affect your 2011 tax returns.
The tax bracket thresholds have increased for all filing statuses. For example, if you are married and filing jointly, $70,700 acts as the demarcation line between the 15 percent and 25 percent bracket. That’s an increase from $69,000.
There has been a slight increase in your standard deduction. If you are single, your basic deduction is $5,950; for 2011 it was $5,800. If you’re married, your standard deduction is $11,900; in 2011 it was $11,600. Different amounts apply for those who are blind, older than 65, or both.
Each dependent and personal exemption is now $3,800, an increase of $100.
The earned income tax credit maxes out at $5,891, changed from $5,751.
The exclusion amount for foreign earned income is $95,100, an increase over $92,900 in 2011.
Help from a Fort Myers Tax Litigation Attorney is Just a Phone Call Away
Fort Myers tax litigation attorney Matthew A. Linde understands firsthand the importance of careful estate planning and the complexities of financial legal matters, such as probate, tax litigation and guardianship. For help with your tax litigation concerns, contact our Fort Myers office to schedule a one-on-one meeting with a professional who can answer your questions – 239-939-7100 or 888-643-6514.