You will have to wait a few more days if you are planning on filing your annual tax return at the earliest possible date. The Internal Revenue Service has revised its opening date for this tax season... pushing it back eight days to January 30, 2013. The IRS had intended on accepting returns on January, 22. However, the tax filing deadline is still Monday, April 15. The IRS will begin to accept tax returns on January 30, 2013. Almost all taxpayers should be able to file on the 30th though some revised forms may not be immediately available.
[The key forms that require more extensive programming changes include Form 5695 (Residential Energy Credits), Form 4562 (Depreciation and Amortization) and Form 3800 (General Business Credit). A full listing of the forms is available on IRS.gov. These forms won’t be accepted until somewhere between late February and into March; a specific date will be announced in the near future ]
STANDARD DEDUCTION:
—$11,900 for married couples filing a joint return, and qualifying widows and widowers
—$5,950 for singles and married individuals filing separate returns
—$8,700 for heads of household
—Taxpayers who are 65 or older or who are blind may be eligible for a higher standard deduction.
PERSONAL EXEMPTION:
—Each personal or dependent exemption is worth $3,800.
ALTERNATIVE MINIMUM TAX THRESHOLD:
—$78,750 for a married couple filing a joint return, and qualifying widows and widowers
—$50,600 for singles and heads of households
STANDARD MILEAGE RATES:
Business use
—55.5 cents a mile
Medical reasons or qualified move
—23 cents a mile
Charitable purposes
—14 cents a mile
CAPITAL GAINS:
—0 percent if taxpayer is in the 10 percent or 15 percent income tax brackets
—15 percent top rate if taxed in higher brackets
ESTATE TAX:
—Taxed at a top rate of 35 percent in 2012, with the first $5.12 million in value exempted for individual estates and $10.24 million for family estates
EARNED INCOME TAX CREDIT:
To qualify income can be no greater than:
—$45,060 ($50,270 married filing jointly) with three or more qualifying children
—$41,952 ($47,162 married filing jointly) with two qualifying children
—$36,920 ($42,130 married filing jointly) with one qualifying child
—$13,980 ($19,190 married filing jointly) with no qualifying children
Investment income cannot be more than $3,200 or less for the year.
Maximum credit:
—$5,891 with three or more qualifying children
—$5,236 with two qualifying children
—$3,169 with one qualifying child
—$475 with no qualifying children
INCOME TAX BRACKETS:
—10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent
DEFERRED RETIREMENT ACCOUNTS:
— 401(k), 403(b),: $17,000
—Additional contribution if 50 or older: $5,500
IRA CONTRIBUTIONS:
—Traditional IRA contribution limit: $5,000
—Additional contribution if over 50: $1,000
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