IRS Inflation Changes and Your Tax Bill

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IRS inflation changes will likely affect your tax bill. Some of the changes include higher income tax brackets in 2012, higher standard deduction and exemption amounts and higher maximum amounts you can contribute to your workplace retirement plan. When all these come into effect, it would probably lower your tax bill.

For example, when the tax bracket goes up, more of your income will be counted in the lower tax brackets. So the higher your income, the lower the amount of taxes you pay.

Here are the changes more specifically.

Please see full article below for more information.

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Published In: Tax Updates

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