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Old 12-31-2012, 04:16 PM
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What is the impact on the Exemptions and Standard Deductions as a result of the possible Tax Law Changes in 2013?

It appears that the there will be phasing out of the $3,800 personal exemption for higher income taxpayers that is one change that will occur in 2013.

The income level for the phase out is likely to be around $174,000 for single taxpayers and around $261,000 for taxpayers who file under the status of married filing jointly.

In addition, it also appears that the standard deduction for married couples who don’t itemize deductions will also decrease from $11,900 currently to $9,900.

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