The IRS Announces Increases to Tax Benefits in 2012

Thanks to inflation, the IRS will increase certain tax benefits that will affect most taxpayers including the estates of decedents dying in 2012.

Under the law, most tax provisions are adjusted annually for inflation. The net result of the changes taking effect in 2012 will be higher values for the standard deduction as well as personal and dependent exemption amounts. Tax-bracket thresholds will increase, allowing more taxpayers to be taxed in lower brackets, and the maximum earned income tax credit for low- and moderate- income workers and working families will also rise.

For the full story, click here: http://www.irs.gov/newsroom/content/0,,id=104345,00.html

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