2013 Federal Tax Update for Individuals

Great info to read as we close out 2013 and get ready for Tax Time!

Real Estate Finance Insights

2013 Federal Tax Update

From personal deductions to tax credits and educational expenses, many of the tax changes affecting individuals were related to the signing of the American Taxpayer Relief Act (ATRA), which modified, made permanent, or extended a number of tax provisions that expired in 2010 and 2011. With that in mind, here’s what individuals and families need to know about tax changes that took effect in 2013.

Personal Exemptions 
The personal and dependent exemption for tax year 2013 is $3,900.

Standard Deductions 
In 2013 the standard deduction for married couples filing a joint return is $12,200. For singles and married individuals filing separately, it’s $6,100, and for heads of household the deduction is $8,950.

The additional standard deduction for blind people and senior citizens increases in 2013 to $1,200 for married individuals and $1,500 for singles and heads of household.

Income Tax Rates 
Beginning in tax year 2013, a new tax rate…

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One response to “2013 Federal Tax Update for Individuals

  1. I think its time to list all the records about tax updates. Thank you for the great information!

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