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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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