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Tax Law changes - 2013

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Personal Exemption Phaseout - 2013

Personal exemptions allow a certain amount per person to be exempt from tax. Due to the personal exemption phaseout , the exemptions are phased out for taxpayers with adjusted gross income (AGI) above a certain level. ATRA, permanently extends the repeal of the personal exemption phaseout on incomes at or Below $250,000 (individual filers), $275,000 (heads of households) and $300,000 (married filing jointly) for tax years beginning after December 31, 2012. Taxpayers with income above the listed amounts will be subject to the phaseout

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