Year 2012 - Looking Forward to Change

Here are a few of the many tax changes for 2012. Visit this website often for updated tax information:

• FICA (4.2%) maximum wage limit remains at $110,100 for 2012. There is no Medicare (1.45%) maximum wage limit for 2012.
• Standard Deduction Amounts for year 2012
  • MFJ & Surviving Spouses $11,900
  • HH ............................... $ 8,700
  • Single .......................... $ 5,950
  • MFS ............................. $ 5,950
• Plus Over 65 and Blind Deduction for year 2012
  • Over 65 and blind MFJ may deduct an additional $1,150.
  • Over 65 and blind single, not a surviving spouse taxpayers may deduct an additional $1,450.
• Personal Exemption Deduction for year 2012
  • Generally, each taxpayer may deduct $3,800 for year 2012 regardless of AGI (see IRS website for complete phase-out guidelines).
• Long-term Care Premiums deducted as medical care for year 2012
  • Age <41......................$ 350
  • Age >40 but <51..........$ 660
  • Age >50 but <61........$1,310
  • Age >60 but <71........$3,500
  • Age >70....................$4,370
• Standard Mileage Rates for year 2012
  • Business ................. $.555/mi.
  • Charitable ............... $.14/mi.
  • Medical ................... $.23/mi.
  • Moving .................... $.23/mi.

See other sections of this website for many other 2010 thru 2012 history of tax changes.

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