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IRS Tax Updates for 2014

The Internal Revenue Service recently published new federal tax updates for 2014. Many taxpayers are interested in the following:

Estates of decedents who die during 2014 have a basic exclusion amount of $5,340,000, up from a total of $5,250,000 for estates of decedents who died in 2013.

The annual exclusion of gifts remains at $14,000 for 2014.