Quick Tax Facts
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·         For 2013, the standard deduction for a single individual is $6,100 and for a married couple is $12,200. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes, real estate taxes, mortgage interest, charitable contributions, and non-reimbursed employee business expenses. 

 

  • For 2013, the personal exemption is $3,900. Individuals will claim a personal deduction for themselves, their spouse, and their dependents.  

 

  • The maximum earnings subject to social security taxes has been increased to $113,700 in 2013.

 

  • The standard mileage rate has been decreased to $.56 per mile in 2014 from $.565 per mile during 2013.

 

  • The maximum annual contribution to a 401(k) plan or a 403(b) plan has been increased to $17,500 for 2013 from $17,000 in 2012.  And if you'll be 50 or older by December 31, 2013, you can contribute an extra $5,500 into your 401(k) or 403(b) account this year.

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