From the day we started our business nine years ago, Am Check has been a key component to our success. Although we are a small business, AmCheck always treat us like we are an important customer. Their customer service and timely responses have made them a pleasure to work with. M M, Owner A Marketing - michale m
IRS Releases 2012 COLAs
- Published on Mon | 24 Oct 2011
Updates to inflation-adjusted tables, as reported by the IRS, note increases in standard deduction and retirement plan contributions, among other changes.
Here's a summary of the changes:
- Standard deduction:
- Married couples filing jointly or surviving spouses: $11,900 in 2012, up from $11,600 in 2011
- Heads of households: $8,700 in 2012, up from $8,500 in 2011
- Single taxpayers filing separately: $5,950 in 2012, up from $5,800 in 2011
- Transportation fringes: For employer-provided transportation fringle benefits, the following amounts may be excluded from gross income:
- $240/month for qualified parking (up from $230 in 2011)
- $125/month for any transit pass or transportation in a commuter highway vehicle
- Foreign earned income exclusion: Under IRC §911(b)(2)(D)(i), the maximum foreign earned income exclusion amount is $95,100 (up from $92,100 in 2011). For foreign housing cost exclusion, the maximum amount is $13,314 (up from $13,006 in 2011).