The IRS released its new Revenue Procedure, which sets the inflation-adjusted items for taxable years beginning in 2015. The major changes set forth in this procedure come from the addition of §36B to the Internal Revenue Code by the Patient Protection and Affordable Care Act of 2010.
The IRS listed the set amounts on many different tax provisions. These include various adjustments for inflation on Adoption Credit, the Earned Income Credit, the Hope Scholarship, American Opportunity, and Lifetime Learning Credits, Personal Exemption, and many more. For example, in the taxable year beginning in 2015, the personal exemption amount under §151(d) is now $4,000.
To learn more about the changes and the full list of inflation-adjusted items see: Rev. Proc. 2014-61
Posted by Aryane Garansi, Associate Editor, Wealth Strategies Journal