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2013 Tax Planning Updates.

2013 Tax Planning Updates. .

Planning is the key to hit your target. Consider these tax planning updates to start planning your 2013 tax year.

* SOCIAL SECURITY taxable wage limit increases from 2012
limit of $110,100 to $113,700 for 2013. Retirees under
full retirement age can earn up to $15,120 without
losing benefits.

* 401(k) MAXIMUM salary deferral increases from 2012
limit of $17,000 to $17,500. The catch-up limit for
50 and older remains unchanged at $5,500.

* SIMPLE maximum deferral increases from 2012 limit of
$11,500 to $12,000. The catch-up limit for 50 and
older remains unchanged at $2,500.

* IRA CONTRIBUTION limit increases from 2012 limit of
$5,000 to $5,500 ($6,500 for 50 and older).

* HSA CONTRIBUTION limit increases to $3,250 for
individuals and to $6,450 for families.

* KIDDIE TAX threshold increases from 2012 level of
$1,900 to $2,000.

* ANNUAL GIFT TAX EXCLUSION increases from 2012 limit
of $13,000 to $14,000.

To take advantage of these deduction, make sure you follow your plan and rules. If you have questions please donít hesitate to call my office to discuss them.

Sincerely,

Thomas Urquilla, E.A.



 
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