The IRS has raised the contribution limits for most 401(k)s, 403(b)s, and 457 plans to $17,500 for 2013, up from $17,000 in 2012. Further, employees who are over 50 can contribute an additional $5,500 as a catch-up contribution to their tax-deferred plan.
Also, the annual gift tax exclusion has been increased from $13,000 in 2012 to $14,000 in 2013. This gift tax exclusion applies per donee.
The IRS tax laws and regulations are constantly changing. Make sure that you and your family are continuing to maximize the various deductions, credits, and programs available by contacting Kohler & Smith Co., LPA today at (614) 888-4911.