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Tax changes when filing next year
Taxpayers will see several changes when they file next year.
The Internal Revenue Service has made a number of changes as a result of the recently-passed American Taxpayer Relief Act of 2012.
Among the changes, a limitation for itemized deductions claimed for anyone with an income of $250,000 or more. Also, the personal exemption rises to $3,900, up $100 from the 2012 exemption.
A new tax rate of 39.6 percent has been added also for individuals whose income is more than $400,000 a year. Also changing, the standard deduction is rising to $6,100. That's up from the $5,950 for tax year 2012.
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