{"id":206,"date":"2013-01-22T19:51:58","date_gmt":"2013-01-22T19:51:58","guid":{"rendered":"https:\/\/ayoub-associates.com\/blog\/?p=206"},"modified":"2013-01-22T19:51:58","modified_gmt":"2013-01-22T19:51:58","slug":"numbers-to-know-when-you-file-your-2012-tax-return","status":"publish","type":"post","link":"https:\/\/ayoub-associates.com\/blog\/numbers-to-know-when-you-file-your-2012-tax-return\/","title":{"rendered":"Numbers to know when you file your 2012 tax return"},"content":{"rendered":"

By The Associated Press <\/cite><\/p>\n

 <\/p>\n

Key numbers to know when filing your 2012 tax returns, according to the Internal Revenue Service:<\/p>\n

PERSONAL EXEMPTION:<\/p>\n

\u2014Each personal or dependent exemption is worth $3,800.<\/p>\n

STANDARD DEDUCTION:<\/p>\n

\u2014$11,900 for married couples filing a joint return, and qualifying widows and widowers<\/p>\n

\u2014$5,950 for singles and married individuals filing separate returns<\/p>\n

\u2014$8,700 for heads of household<\/p>\n

\u2014Taxpayers who are 65 or older or who are blind may be eligible for a higher standard deduction.<\/p>\n

ALTERNATIVE MINIMUM TAX THRESHOLD:<\/p>\n

\u2014$78,750 for a married couple filing a joint return, and qualifying widows and widowers<\/p>\n

\u2014$50,600 for singles and heads of household<\/p>\n

INCOME TAX BRACKETS:<\/p>\n

\u201410 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent<\/p>\n

EARNED INCOME TAX CREDIT:<\/p>\n

To qualify income can be no greater than:<\/p>\n

\u2014$45,060 ($50,270 married filing jointly) with three or more qualifying children<\/p>\n

\u2014$41,952 ($47,162 married filing jointly) with two qualifying children<\/p>\n

\u2014$36,920 ($42,130 married filing jointly) with one qualifying child<\/p>\n

\u2014$13,980 ($19,190 married filing jointly) with no qualifying children<\/p>\n

Investment income cannot be more than $3,200 or less for the year.<\/p>\n

Maximum credit:<\/p>\n

\u2014$5,891 with three or more qualifying children<\/p>\n

\u2014$5,236 with two qualifying children<\/p>\n

\u2014$3,169 with one qualifying child<\/p>\n

\u2014$475 with no qualifying children<\/p>\n

CAPITAL GAINS:<\/p>\n

\u20140 percent if taxpayer is in the 10 percent or 15 percent income tax brackets<\/p>\n

\u201415 percent top rate if taxed in higher brackets<\/p>\n

ESTATE TAX<\/p>\n

\u2014Taxed 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<\/p>\n

IRA CONTRIBUTIONS:<\/p>\n

\u2014Traditional IRA contribution limit: $5,000<\/p>\n

\u2014Additional contribution if over 50: $1,000<\/p>\n

DEFERRED RETIREMENT ACCOUNTS<\/p>\n

\u2014 401(k), 403(b),: $17,000<\/p>\n

\u2014Additional contribution if 50 or older: $5,500<\/p>\n

STANDARD MILEAGE RATES:<\/p>\n

Business use<\/p>\n

\u201455.5 cents a mile<\/p>\n

Medical reasons or qualified move<\/p>\n

\u201423 cents a mile<\/p>\n

Charitable purposes<\/p>\n

\u201414 cents a mile<\/p>\n","protected":false},"excerpt":{"rendered":"

By The Associated Press   Key numbers to know when filing your 2012 tax returns, according to the Internal Revenue Service: PERSONAL EXEMPTION: \u2014Each personal or dependent exemption is worth […]<\/p>\n","protected":false},"author":88890,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-206","post","type-post","status-publish","format-standard","hentry","category-tax-tips"],"yoast_head":"\nNumbers to know when you file your 2012 tax return - Ayoub Sidhum & Co.<\/title>\n<meta name=\"description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. 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