The California Franchise Tax Board has released the adjusted personal income tax brackets, standard deduction amounts, return filing thresholds, and various exemptions and credits for the year 2013. The figures were adjusted for inflation at a 1.7% rate. All adjustments apply to the period July 1, 2012 through June 30, 2013.
Overview: Income Tax Adjustments 2013
- Single Taxpayers
Single taxpayers under the age of 65 and with no dependents will not be mandated to file a tax return if their adjusted gross income is less than $12,562. Only those making $12,562 or more are required to file. Before the adjustment, the amount was $12,352.
- Increased Personal Exemptions
Personal exemption credits will be adjusted from $104 to $106 for those taxpayers who file single, married but filing separately, and heads of households. For married couples filing jointly and surviving spouses, the amount is adjusted from $208 to $212.
- Standard Deduction
The standard deduction will be adjusted from $3841 to $3,906 for single taxpayers as well as married taxpayers filing separate returns. For married taxpayers filing jointly or for surviving spouses and hand of households, will receive standard deductions up to $7,812 up significantly from last year’s $7,682.
- Personal Exemption Credits
The personal exemption credit is adjusted up from $104 to $106 for single taxpayers, married taxpayers filing separately, and heads of households and from $208 to $212 for married/filing jointly taxpayers and surviving spouses. The personal exemption figure for dependents increases from the previous $321 to $326
- Renter’s Credit
Single filers with an adjusted gross income of $36,955 or less—up from $36,337—and joint filers with adjusted gross incomes of $73,910—previously at $72,674 or less—will be eligible to receive a renter’s credit.
Call on the Expert, Woodland Hills Accountant, Joel Lewinson
Check back often at News Release, California Franchise Tax Board for further updates for California Income Tax Adjustments for 2013. Also, more information on the 2013 tax rates and other adjusted amounts will be posted at my website as soon as it is made available. If you are confused about where your income falls in the tax bracket or you have more questions regarding the 2013 personal income tax adjustments, contact CPA, Joel Lewinson at 818-593-6777 for an appointment today.
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