Tax Benefits Increase

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Despite very low inflation rate the U.S. economy has experienced for the past few years (and most likely few upcoming too) the IRS announced an increase to many tax benefits. There are 40+ of different tax benefits that will experience inflation-induced change upward.

Some of the tax benefits that affect taxpayers most notably are:

Tax Benefits Increase chart

Revenue Procedure 2014-61 elaborates on the entire number of benefits affected by this increase in cost of living adjustment.

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