Bloomberg News

IRS Announces Higher Personal Exemptions, Deductions for 2012

October 20, 2011

Oct. 20 (Bloomberg) -- The Internal Revenue Service will increase for 2012 the value of personal exemptions and standard deductions and widen tax brackets to account for inflation, the agency said.

The change also affects tax credits and the per-person exemption from the estate tax, the agency said in a release today.

--With assistance from Richard Rubin in Washington. Editors: Jodi Schneider, Bob Drummond

To contact the reporter on this story: Steven Sloan in Washington at ssloan7@bloomberg.net

To contact the editor responsible for this story: Mark Silva at msilva34@bloomberg.net


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