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Announcing 2013 Tax Numbers

*SOCIAL SECURITY taxable wage limit increases from 2012
limit of $110,100 to $113,700 for 2013. Retirees under
full retirement age can earn up to $15,120 without
losing benefits.

* 401(k) MAXIMUM salary deferral increases from 2012
limit of $17,000 to $17,500. The catch-up limit for
50 and older remains unchanged at $5,500.

* SIMPLE maximum deferral increases from 2012 limit of
$11,500 to $12,000. The catch-up limit for 50 and
older remains unchanged at $2,500.

* IRA CONTRIBUTION limit increases from 2012 limit of
$5,000 to $5,500 ($6,500 for 50 and older).

* HSA CONTRIBUTION limit increases to $3,250 for
individuals and to $6,450 for families.

* KIDDIE TAX threshold increases from 2012 level of
$1,900 to $2,000.

* ANNUAL GIFT TAX EXCLUSION increases from 2012 limit
of $13,000 to $14,000.

Lefstein-Suchoff CPA & Associates, LLC is a firm licensed as a NJ CPA & NY CPA and excels in strategic tax planning.

If you need assistance with this or other tax or accounting matters please contact us at 201-947-8081 or 646-688-2807, or email us at:   info@bergencountycpa.com  or info@ourcpas.com.

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