IRS Updates 2014 Tax Benefits for Inflation

The IRS recently released its annual inflation adjustments for 2014. Here are a couple of important excerpts:

• The top marginal tax rate of 39.6 percent will be applied to single filers whose income exceeds $406,750 ($457,600 for married taxpayers filing a joint return.)

• The Alternative Minimum Tax exemption amount for 2014 is $52,800 ($82,100 for married couples filing jointly).

• Estates of decedents who die during 2014 will have an estate tax exclusion amount of $5,340,000, up from $5,250,000 for 2013.

For more information about annual adjustments, ask your tax professional or download Revenue Procedure 2013-35.