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As we move into the new 2015 tax year, there are some important tax numbers that will increase due to the inflation adjustments required by law. Below is a summary of a few changes that will affect your 2015 income tax returns:

  • The basic standard deduction for 2015 will be $6,300 for single taxpayers (up from $6,200 for 2014). For married couples filing jointly the deduction will be $12,600 (up from 12,400 for 2014). The standard deduction for those that qualify as "head of household" will rise to $9,250 (up from $9,100).
  • The maximum earned income tax credit will increase to $6,242 for 2015 for taxpayers filing jointly and who have three or more qualifying children (up from a maximum of $6,143 for 2014).
  • The foreign earned income exclusion will be $100,800 for 2015 (up from $99,200 for 2014).
  • The personal exemption will be $4,000 for 2015 (up from $3,950 for 2014) however this is subject to a phase out, which starts when the taxpayers' adjusted gross income reaches $258,250 for single taxpayers or $309,900 for married couples filed jointly. The exemption completely phases out at $380,750 for single taxpayers and $432,400 for married couples filing jointly.
  • The limitation on itemized deduction will start when income levels reach $258,250 and higher for single taxpayers and $309,900 and higher for married couples files jointly.
  • The federal estate tax inclusion will increase to $5.43 million for 2015 (up from $5.34 million for 2014).
For more information contact your local UHY LLP professional.