Sunday, October 6, 2013
Wall Street Journal: A Sneak Peek at 2014 Taxes, by Laura Saunders:
Inflation might be tame, but it still is going to affect your taxes next year. The IRS won't release the official numbers for inflation adjustments to tax-code provisions affecting individuals in 2014 until later this year. But some experts have released their own projections.
James Young, the Crowe Horwath professor of accountancy at Northern Illinois University, and specialists at tax publisher CCH, a unit of Wolters Kluwer, say the official inflation rate used to adjust the numbers will be about 1.6%, lower than last year's 2.5% rate and 2011's 3.8% rate. Their estimates are based on data released by the U.S. Department of Labor. Most taxpayers will experience modest savings from inflation indexing.